Morning Report

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After touching the previous broken support-turned into resistance- of the correctional channel which organized B wave, the metal started to move downwards below 36.35 levels. These price behaviors give more confirmations that the ZZ correction is in progress. Consequently, we suggest potential downside move over intraday basis.

The trading range for today is among the key support at 34.00 and key resistance now at 38.90.

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.

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Different point of view if38.40-38.90 are breached

RecommendationBased on the charts and explanations above our opinion is, selling silver around 37.00 gradually targeting 35.65,34.80 and 33.90 , while the stop loss is a daily closing above 38.00 might be appropriate.