The metal has been trading and expanding within a sideways range for long period of time, where silver is trading within 28.80 from below and 31.45 from above. Today the metal is stable above the Moving Average 50, which suggests a test of the critical resistance of the sideways range, but at the same time, consolidation among these levels drive us to remain neutral today due to the high risk associated.
The trading range for today is among the key support at 27.15 and key resistance now at 32.10
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 selling silver around 29.65 and take profit in stages at (29.05 and 28.80) and stop loss with 4-hour above 30.65 might be appropriate.|