The metal dropped to reach near the main ascending support for the possible triangle formation along with the support of the minor channel, a breakout to the downside may trigger further selloff. However if the potential support area manages to halt the downside move and trading goes back above 32.00 we may witness another upside attempt.
The trading range for the day is among the key support at 29.00 and key resistance now at 33.00.
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 with four-hour closing below 31.25 targeting 30.75 and 29.75, stop loss with hourly closing above 32.00 OR buying silver with hourly closing above 32.00 targeting 32.50 and 33.00 and stop loss hourly closing below 31.50|