Morning Report

The metal's positive momentum stopped near to the Simple Moving Average 20 at 32.50, while Stochastic is within overbought areas. Furthermore, the bearish technical structure is still valid, which its neckline is at 33.65. Therefore, we expect a downside movement today, while consolidation below the mentioned neckline should support our expectations to prevail.

The trading range for today is among the key support at 30.30 and key resistance now at 34.40.

The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.

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Weekly Report

 
Support31.8531.3031.0530.6530.30
 
Resistance32.5032.9533.1533.3234.40
 
RecommendationBased on the charts and explanations above, we recommend selling silver around 32.85 and take profit in stages at (30.85 and 29.05) and stop loss with daily closing above 33.70 might be appropriate.