The metal inclined sharply yesterday, after achieving the expected downside trend. But, by observing the chart, we can find the upside trend is still limited below 40.40 and 41.20. While Stochastic is overbought, which lead us to expect the pair to decline unless stability above 41.20 is confirmed.
The trading range for today is among the key support at 37.05 and key resistance now at 42.50.
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 40.20 and take profit in stages at 39.30, 38.25, and stop loss with 4-hour closing above 41.20 might be appropriate|