Silver continues to trade around 39.50 and is stable below 40.40,forcing the metal to trade with negative tendency. According to our suggestedElliott sequence; we can see that, silver is still within a bearish correction of the upside impulsive wave, as shown on the provided graph. Therefore, our negative expectations remain valid as long as silver is stable below 41.20 and below40.40 is more preferable.
The trading range for today is among the key support at 37.30 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 chart and explanations above we recommend selling silver around 39.75 and take profit in stages at 38.70, 37.95 and 37.30 and stop loss with daily closing above 40.40 might be appropriate|