Morning Report

Silver is still fluctuating within the broadening wedge formation, where after hitting our first targeted area at 30.30 yesterday the pair found support 30.00 to rebound again and currently attempting to test the breached minor ascending support shown on image. Stochastic is exiting oversold area supporting the upside pullback. In general, the wedge formation is a bullish one; however bullishness won't be confirmed unless a breach of the descending resistance of the pattern occurs. For now, we might see another downside attempt supported by the aforementioned breach of the ascending resistance and 31.25 horizontal resistance.

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.

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Weekly Report

RecommendationBased on the charts and explanations above, we recommend selling silver around 31.25 targeting 30.75 and 30.30 , stop loss with 4-hour closing above 31.50 might be appropriate.