The pivotal support-current resistance- areas between 43.45 and 43.68 couldn't prevent the metal from achieving more bullishness. The metal neglected the overbought signs which appeared obviously on momentum indicators. According to our Elliott scenario, the fifth wave extended and we need a four hour closing below 43.45 to make sure that this wave has been topped out. Conversely, a stable move with a daily closing above 44.10 and breaching through 44.63 will damage this proposed scenario.
The trading range for today is among the key support at 40.20 and key resistance now at 45.50.
The general trend over short term basis is neutral until we see how the metal will behave around 42.05-42.30 zones during this week.
Weekly ReportSupport43.6843.4543.2543.0042.65Resistance44.3544.6345.0045.1045.50RecommendationBased on the charts and explanations above our opinion is, selling silver with a four hour closing below 43.45 gradually targeting 42.05, 41.80 and 40.60 , while the stop loss is a daily closing above 44.10 might be appropriate.