The metal is stable below the Simple Moving Average 20 and also below 33.15-65, which completed the continuation technical structure, where this structure remains valid with stability below these levels. Furthermore, Stochastic is within overbought areas, which could also add more confirmations to the bearish continuation structure. In result, we expect the downside movement to remain valid as long as silver is stable below 33.65 per ounce.
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.
|Recommendation||Based 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.|