The metal declined sharply to negate our weekly expectations through 4-hour closing below 39.20, while silver is currently stable between 38.2% Fibonacci at 38.70 and 23.6% Fibonacci at 40.10. The current situation is very critical, where a breach of 38.50 withfour hourclosing couldbring abearish wave to retest 37.70, which if breached, we could see another downside move toward 37.25 and maybe 36.60, while consolidation above 40.10 could bring the positivity back. Therefore, we will stay neutral today, awaiting more signs of the metal's behavior around these critical levels.
The trading range for today is among the key support at 36.60 and key resistance now at 41.25.
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 observing silver for more confirmations regarding the short-term move.|