Morning Report

Silver declined as we anticipated yesterday in our weekly report, where we defined 35.50 levels to bring a reversal action. This point makes risk versus reward ratio acceptable. Technically, we can see how silver's movements are organized within the ascending channel although ADX started to give off signs of trend weakness. As far as the price remains above 34.15, thebullishness will be in favorand preferably above 34.80 over intraday basis.

The trading range for today is among the key support at 33.75 and key resistance now at 37.15.

The general trend over short term basis is to theupside,targeting 39.05 as far as areas of 30.80 remain intact with weekly closing.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying silver(cautiously) around 35.50 targeting 37.15 and stop loss with a four hour closing below 34.80 might be appropriate.