Silver is trading bearishly, which is normal after breaching the bullish support shown in blue on the chart above; this level supported Silver and carried trading from the bottom of 33.15 reaching the top of 41.44. Stability below 40.40 supports the downside trend, while a breach of 23.6% Fibonacci correction could push silver to retest 38.2% Fibonacci correction at 38.25. Dear reader, we recommend reviewing our previous reports for more details that detail our negative expectations.
The trading range for today is among the key support at 37.30 and key resistance now at 41.20.
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, we recommend buying silver around 39.75 and take profits in stages at 38.70 and 38.25 and stop loss with 4-hour closing above 40.40 might be appropriate|