The metal rebounded sharply yesterday, where silver is currently trading above 30.30, which represents 23.6% Fibonacci correction of the last bearish wave. This movement suggests a retest of the levels around 33.60-35.10, especially after the metal reached our stop loss point and forced us to adjust the suggested trend in out weekly report. Therefore, we expect the upside correction to extend today in case silver remains stable above 30.30, where this correction suggests a retest of the levels shadowed in Green as shown above.
The trading range for today is among the key support at 28.60 and key resistance now at 35.10.
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 below 30.30 and take profit in stages at (32.95 and 33.60) and stop loss below 29.10 might be appropriate.|