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Silver is currently approaching 38.2% Fibonacci of the third wave at 38.50 zones. It seems that we are facing potential TZ case for the correction that will form the fourth wave. The red arrow of the secondary wave is the proof of this corrective structure. The fifth wave will start sooner and therefore, possible downside movements could be witnessed over intraday basis as far as trading continues below 38.50 and 40.20 zones.
The trading range for today is among the key support at 33.05 and key resistance now at 41.85.
The general trend over short term basis is to the downside,targeting 26.65 as far as areas of 48.50 remain intact with weekly closing.
|Recommendation||Based on the charts and explanations above our opinion is, selling silver around 38.00 gradually targeting 36.45,35.65 and 34.00 , while the stop loss is a four hour closing above 40.20 might be appropriate.|