Morning Report

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Until this moment, the metal couldn't achieve a four hour closing below 33.05 and thus, the bullishness is still in favor. Additionally, areas of 32.30 haven't been breached and therefore, the proposed Elliott count is still valid. The suggested A wave might have been placed and we are now witnessing B wave. In result, we expect bullish direction over intraday basis.

The trading range for today is among the key support at 30.25 and key resistance now at 38.50.

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.

Previous Report

Weekly Report

Support34.0033.6033.3033.0533.00
Resistance34.8535.1035.6535.9036.80
RecommendationBased on the charts and explanations above our opinion is, buying silver around 34.00gradually targeting 34.85,35.50 and 36.90 , while the stop loss is a daily closing below 33.05 might be appropriate.