Consolidation above 39.50-39.10 supported the possibility of forming the suggested Butterfly harmonic pattern. This structureproposes an upside move that could support themetalto reach 41.10-30, which represents the potential reversal zone-PRZ- of the pattern. The harmonyof Fibonacciratios suggests forming this pattern indeed, while any trading above 37.80 should keep the upside move valid, and any trading above 38.80 support the possibility of the harmonic structure.
The trading range for today is among the key support at 37.35 and key resistance now at 41.30
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 39.50 and take profit at 41.10 and stop loss with 4-hour closing below 38.25 might be appropriate today.|