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Until this moment, we didn't see stability with a four hour closing above 35.65; thus, the bearishness is still valid despite the harmonic structure used during the previous period became weaker. Silver is very close to the main resistance line; whilst momentum indicators reflect obvious overbought case. Therefore, the bearishness may dominate the movements once more if the metal came below 35.00-34.70 zones. Conversely, breaching 35.65 with a four hour closing will weaken the bearish predictions and breaching 36.65 will cancel it out. We will be neutral watching out the price behaviors around 35.65.
The trading range for today is among the key support at33.90 and key resistance now at 37.75.
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.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.|