Morning Report

The metal has broken the short term ascending trend line along with the 50 days SMA shown on image and currently settled below them, a minor descending channel has formed as well, and all suggests that more downside pressure is in favor targeting mainly the 39.00 support and the main ascending trend line and support near 37.30 at the moment. RSI dipped below 50 suggesting the bearish momentum may strengthen.

The trading range for today is among the key support at 37.45 and key resistance now at 42.70.

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

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Weekly Report

RecommendationBased on the charts and explanations above, we recommend selling silver around 39.80 and take profit in stages at (38.90 and 37.70) and stop loss with 4-hour closing above 40.40 might be appropriate.