Silver declined but is still trading above the critical support of 39.75 and also above the level of 39.10. Observing the chart above, we find silver is stable above 38.2% Fibonacci correction and also the ascending main support -shown in red-. Therefore, we expect the upside movement to return today, in case a breach of 39.10-38.90 wasn't seen.
The trading range for today is among the key support at 38.35 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.
|Recommendation||Based on the charts and explanations above, we recommend buying silver around 40.10 and take profit in stages at (41.70 and 42.95) and stop loss with 4-hour closing below 39.10 might be appropriate.|