Morning Report

The price couldn't maintain levels above X point, where it slipped after touching 3815 level. We discussed the importance of this level yesterday and we recommend reviewing the previous report for more details about it. As fare as trading remains above 36.70 with a four hour closing, the bullishness will be in favor to complete the harmonic crab pattern via touching 38.70 and 39.00. Stochastic is getting rid of the negative momentum, which appeared on it yesterday.

The trading range for today is among the key support at 35.35 and key resistance now at 39.00.

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 around 37.20, targeting 38.68 and stop loss with a four hour closing below 36.70 might be appropriate.