Morning Report

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Yesterday's aggressive decline is very normal due to the impulsive nature of C wave of the suggested ZZ wave. Momentum indicators reflect clear overbought case but MACD supports the technical idea of resuming the bearishness over intraday basis. Stability below 35.65-35.40 might send the metal towards 33.90 where a break of which will take us towards 33.05 zones.

The trading range for today is among the key support at 33.05 and key resistance now at 36.80.

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

Support34.8034.5034.3533.9033.60
Resistance35.0035.6536.1536.3536.80
RecommendationBased on the charts and explanations above our opinion is, selling silver around 35.00 gradually targeting 33.90 and 33.05 , while the stop loss is a daily closing above 36.35 might be appropriate.