Morning Report

Silver breached 38.80 and rebounded to the upside, butSMA 50 at 39.60 stopped this incline. Stochastic negatively crossed over, while the RSI failed to consolidate above the 50 points level, where all these signals are against the previous breach. Therefore, we will stay neutral today, awaiting more confirmations.

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.

Previous Report

Weekly Report

Support38.5038.2537.6037.3036.75
Resistance39.2039.7540.1040.4040.90
Recommendation Based on the charts and explanations above, we recommend observing silver for more confirmations regarding the short-term move.