Silver fluctuated heavily between 38.2% and 23.6% Correction of the bearish A wave shown above. Stochastic is biased to the upside and so is RSI which is attempting to reach overbought areas again. Nevertheless, the 38.2% correction held against the upside move as the failure to breach this level at 38.90 will keep trading biased to the downside. Therefore, we prefer remaining neutral today as well.
The trading range for today is among the key support at 35.85 and key resistance now at 40.90.
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|