All the attempts for silver to stabilize above 36.35 with a daily closing failed; and we can see yesterday the metal touched the main resistance for the minor descending channel. Those facts assure that the metal is trading within the bearish C wave of the Zigzag pattern and accordingly silver might move to the downside today, where momentum indicators support our expectations.
The trading range for today is among the key support at 34.50 and key resistance now at 38.90.
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|