Silver declined affected by SMA 20 and SMA 50, which are trading negatively, and also affected by the strength of 38.75, but 4-hour closing below 37.30 wasn't seen. The metal is trading within a gradually tightening range of a support at 36.80 and a resistance 38.75. Therefore, we will stay neutral again, observing the pair's behavior around 37.30 and 61.8% Fibonacci, which could support the metal to rebound to the upside.
The trading range for today is among the key support at 35.30 and key resistance now at 40.40.
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.|