The metal formed a triangle formation, and this pattern is considered a continuation one and in this case bearish. Trading settles just above the 23.6% Fibonacci correction level at 30.30 as shown on image, We need stability below the level to support the continuation of the downside move. In general, settling below 32.80 is the reason behind holding into our overall bearish outlook, while over intraday basis, stability below 31.15 maintains our negative outlook.
The trading range for the day is among the key support at 27.15 and key resistance now at 32.80.
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 30.75 and take profit in stages at (30.30 and 29.40) and stop loss with 4-hour closing above 31.50 might be appropriate.|