Silver is trading within a sideways range as shown in pink, which weakened the previously breached bullish technical structure as shown in Red. But, the metal is stable above the simple moving average 50 as shown over hourly basis, which could support the metal to take clear upside path. In fact, consolidation above 29.05 is required for our positive expectations.
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 buying silver around 30.50 and take profit in stages at (31.05 and 32.90) and stop loss with 4-hour below 29.05 might be appropriate.|