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Once more, silver couldn't stabilize above the previous broken support encouraging us to hold onto our negative predictions over intraday basis supported by the proposed Elliott count seen on the image where we are forming C wave of ZZ formation. Stochastic came back below 50.00 such like RSI, supporting the negative scenario. A four hour closing below 36.35 will solidify our outlook.
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.
|Recommendation||Based 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.|