Morning Report

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Once more, silver touched 38.2% seen on the image around 38.90 and couldn't breach it. Bearish signs started to appear on momentum indicators which may bring more bearish pressure. Hence, the suggested Elliott count which has two probabilities for the wave from bottom of 32.30 reinforces the bearish direction.

The trading range for today is among the key support at 35.85 and key resistance now at 40.90.

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

Support37.7537.4536.8036.3536.15
Resistance38.4039.2539.7540.2040.90
RecommendationBased on the charts and explanations above our opinion is, selling silver around 38.40 gradually targeting 37.45,36.35 and 35.65 , while the stop loss is a daily closing above 40.20 might be appropriate.