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Silver didn't achieve the awaited decline towards 38.2% of CD leg for the harmonic structure -potential bearish BAT- until now. Momentum indicators are very close to overbought areas supporting the bearish anticipations over intraday basis as far as stability is below 36.75. Note that stability above the aforementioned level will change the possible bat pattern to a potential CRAB.
The trading range for today is among the key support at 33.90 and key resistance now at 37.85.
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, selling silver around 36.35 gradually targeting 35.20 and 34.50, while the stop loss is a four hour closing above 36.75 might be appropriate.|