Morning Report

Click on the image for a larger view

Yesterday's mild incline couldn't achieve stability above 36.35 zones indicating that the suggested Elliott sequence is still valid as we mentioned several times before. Potential downside actions could be witnessed over intraday basis supported by Stochastic which attempts to overlap negatively. To confirm this overview, we need to witness a four hour closing below 35.00 areas.

The trading range for today is among the key support at 33.05 and key resistance now at 37.45.

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

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