Morning Report

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The bullish tendency couldn't achieve stability above B point of the harmonic structure which could be a Butterfly pattern where its CD leg is still in progress. Stabilizing below 34.35 over intraday basis keeps chances for moving lower; whilst coming back below 33.60 strengthens those chances. To recap, the bearishness is still favored since we look at the current upside movements as a normal technical process to relieve RSI.

The trading range for today is among the key support at 31.35 and key resistance now at 36.00.

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

Support33.9033.6033.3033.0032.82
Resistance34.3534.8035.0035.6536.00
RecommendationBased on the charts and explanations above our opinion is, selling silver around 34.35 gradually targeting 33.05,32.45 and 31.35, while the stop loss is a daily closing below 35.65 might be appropriate.