Morning Report

Silver declined yesterday but we didn't witness a four hour closing below 34.00 levels nor 34.15. Henceforth, the harmonic formation is still valid and the metal might continue moving higher to complete the harmonic sequence of AB=CD pattern; areas of 36.00 will be our awaited technical target but we need a breakout above 35.10 to confirm this bullish prediction. On the other side, areas around 33.75 should remain intact with a daily closing; while 34.00 is the major level over intraday basis and we shouldn't witness a four hour closing below it.

The trading range for today is among the key support at 33.60 and key resistance now at 36.00.

The general trend over short term basis is to thedownsidetargeting 29.40 as far as areas of 35.10 remain intact with weekly closing.

Previous Report

Weekly Report

Support34.4034.1534.0033.7533.60
Resistance34.6034.9535.0035.1035.30
RecommendationBased on the charts and explanations above our opinion is, buying silver around 34.30 targeting 36.00 and stop loss with a four hour closing below 34.00 might be appropriate.