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During yesterday's US session, the metal succeeded in touching 38.40 levels where it slipped sharply as seen on the provided graph. Our first and second proposed technical objectives were reached and that could prove the accuracy of our discussed Elliott count. Both scenarios are showing that the bearishness is in favor and now, momentum indicators are positive but breaching through 36.35 areas will bring additional negative actions. Failure to breach this level will be a reason for huge fluctuation due to the positivity of momentum indicators.
The trading range for today is among the key support at 35.00 and key resistance now at 39.10.
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, selling silver around 38.00 gradually targeting 37.45,36.35 and 35.65 , while the stop loss is a daily closing above 40.20 might be appropriate.|