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The metal inclines due to the positive effect of the connected harmonic pattern consisting of Bat and 5-0 pattern which is famous for its extended technical objectives. This harmonic formation suggests that 36.65 might be revisited and may be 37.25 followed by 38.20. The bullishness will be valid as far as 34.35 remains intact with a four hour closing. In general, areas of 33.05 should hold with a daily closing to keep our scenario intact.
The trading range for today is among the key support at 33.05 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.
|Recommendation||Based on the charts and explanations above our opinion is, buying silver around 35.00 gradually targeting 35.85,36.65 and 37.45 , while the stop loss is a daily closing below 34.00 might be appropriate.|