Midday Report

Silver rebounded sharply to the upside after reaching 38.2% Fibonacciretracement and the ascending main support, however, the metal was unable to stabilize above 50% Fibonacci at 40.90. This bullish rebound suggests the validity of the harmonic structure indeed, but today we find high risk-to-return ratio; therefore, we will stay neutral in our morning report due to the failure of breaching 40.90 and the huge distance from the critical level of 38.90-35.

The trading range for today is among the key support at 36.35 and key resistance now at 42.95

The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact

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RecommendationWe will remain neutral, awaiting more confirmations