Morning Report

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Silver is showing bearish tendency but until now it couldn't achieve a four hour closing below 35.00 zones since yesterday. The proposed Elliott count remains valid as we believe that C wave of ZZ formation is in progress for the time being. As a consequence, we keep our negative scenario intact and a break of 35.00 will confirm it.

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.

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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.