Silver is trading around critical levels, where the metal breached the main resistance of the downside movement, which could form a classic continuation pattern in case the metal consolidates above 30.50, while the metal also consolidating above the simple moving average 50. Therefore, we negate yesterday's negative expectations and turn positive over intraday basis only, but after the breach of 31.35 is confirmed.
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.
|Recommendation||Based 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.|