Until now, we do not have a daily closing above 36.35 yet the metal moved to trade above it. The daily closing above this level or the breach and stability above 37.00 can weaken the suggested Elliot scenario, yet stability below 23.6% correction will keep our negative expectations valid. Stochastic also supports our expectations for today.
The trading range for today is among the key support at 34.35 and key resistance now at 37.45.
The short-term trend 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 36.35 and take profit in stages at 35.00, 34.35, 33.90 and stop loss with four-hour closing above 37.00 might be appropriate|