Morning Report

We see several signs that support negativity, where the metal is currently trading below 38.2% Fibonacci correction of the upside move, which started from the bottom at 26.02 and ended at the top of 33.52, in addition, the metal is also trading below 38.2% Fibonacci several corrections as shown above. Furthermore, Stochastic is negative within overbought areas, while the Relative Strength Index failed tostabilize above the level of 50. In result, we expect a downside correction today as long as the level of 31.85 remains intact.

The trading range for today is among the key support at 28.60 and key resistance now at 33.50.

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 selling silver around 30.50 and take profit in stages at (29.75 and 28.90) and stop loss with 4-hour closing above 31.85 might be appropriate.