Morning Report

Themetal attempts to confirm stability above the main resistance of the descending broadening wedge, which is one of the bullish technical patterns. Consolidation above the moving average 50-hour supports the upside move to remain valid, while consolidation above 31.75 supports the bullishness to continue.

The trading range for today is among the key support at 29.15 and key resistance now at 33.45.

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

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RecommendationBased on the charts and explanations above, we recommend buying silver with a breach of 31.70 and take profit in stages at (32.10 and 32.80) and stop loss below 31.10 might be appropriate.