Gartley pattern failed to achieve the extended target, while silver returned to trade lower again forming another harmonic pattern; however this harmonic pattern could form several possible patterns, where the metal could have completed the formation of the Bat pattern, yet a breach of 39.20 should negate our suggested pattern. In case the metal breached the mentioned level, it could form a Butterfly harmonic pattern (not ideal), which will be completed at 37.45, finally silver could form Crab pattern, which should be competed at 35.95. In fact, all the mentioned patterns suggest a downside movement, however due to the high risks associated today, we will remain neutral, despite our expectations for an extension of the downside movement.
The trading range for today is among the key support at 37.45and key resistance now at 42.05.
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 remain neutral today due to the high risks associated|