Silver failed in forming the AB=CD bullish pattern yesterday, yet we can see the metal approaching the full weekly targets set. We will reconsider the Elliot waves and see that the metal is approaching 38.2% Fibonacci of the IM that formed the A wave. Breaching areas of 38.80-39.10 will extend the upside move towards 40.85, while failure in doing so will pressure the metal into a downside correction and especially with the buying saturation on momentum indicators. Therefore, we remain neutral for today and recommend returning to our weekly report for more details.
The trading range for today is among the key support at 36.15 and key resistance now at 1840.8590.
The short-term trend 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 we recommend observing trading today awaiting more confirmations|