Morning Report

Silver rebounded to the upside after the level of 40.00 stopped the metal's negative momentum yesterday, which keeps Gartley harmonic pattern valid. Therefore, we suggest an upside bias today, targeting 41.55 and then 42.05, however, a breach of 39.75 with 4-hour closing could negate our expectations for an intraday upside move.

The trading range for today is among the key support at 38.10 and key resistance now at 43.50.

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

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RecommendationBased on the charts and explanations above, we recommend buying silver around 40.40 and take profit in stages at (41.55 and 42.05) and stop loss with 4-hour closing below 39.75. In case the metal reached our stop loss point, we recommend selling silver around 39.75 and take profit in stages at (38.80 and 38.10) and stop loss with 4-hour closing above 40.40 might be appropriate.