Morning Report

Despite moving upwards, but trading is still below the support line of the ascending channel that started at in January at 26.38. When we look at the bullish wave that started at 33.66 to the current levels, we can a diagonal structure ended by breaching the support line and stabilizing below SMA 20 on the hourly interval-secondary image-. Coming back below 36.05 offers bearish possibility without any need for testing higher levels. Note that, a break of 37.20 might cause a failure for the awaited bearishness.

The trading range for today is among the key support at 34.30 and key resistance now at 37.75.

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, selling silver with a breakout below 36.05 , targeting 35.00 and stop loss with a four hour closing above 36.50 might be appropriate.