Let us look at the metal from a pure classical point of view; we will see bearish signs appeared on technical indicators as ADX is negative and also MACD. On the other hand, signs of bearish classical pattern started to appear obviously and we can say that potential double top is seen on the graph. Breaching the support line of the channel supports the expected bearish direction as SMA 20 and SMA 50 are defiantly negative. All the above discussed signs force us to suggest more bearish actions over intraday basis. Areas of 32.80-32.85 are now under our technical microscope and we recommend reviewing yesterday's report for more details about the negative signs.
The trading range for today is among the key support at 32.82 and key resistance now at 36.05.
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.
|Recommendation||Based on the charts and explanations above our opinion is, selling silver around 34.30 targeting 32.85 and stop loss with a four hour closing above 35.35 might be appropriate.|