Observing the 4-hour interval, we find silver is forming a possible Bat harmonic structure, but this structure also could be Gartly structure, however, the AB leg is less than 50% of the XA leg. In general, stability above 41.40 suggests an upside move, while consolidation above 40.80-90 should keep our expectations valid. A breach of C point bottom at 40.25 should negate the suggested harmonic pattern.
The trading range for today is among the key support at 38.80 and key resistance now at 43.68
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 41.14 and take profit in stages at (42.20 and 43.05) and stop loss with 4-hour closing below 40.40 might be appropriate.|