Silver succeeded in touching the pivotal levels around 40.80 before moving lower once again. The provided chart shows how the four hour closing was achieved above 38.2% Fibonacci retracement at 40.20. Therefore, the bullishness is still in favor, supported by the bullish channel with a support at 39.25.
The trading range for today is among the key support at 38.15 and key resistance now at 42.05.
The general trend over short term basis is neutral until we see how the metal will behave around 42.05-42.30 zones.
|Recommendation||Based on the charts and explanations above our opinion is, buying silver around 40.30 gradually targeting 40.80, 41.50 and 42.05 , while the stop loss is a four hour closing below 39.05 might be appropriate.|