Morning Report

Silver inclined sharply and was able to breach the level of 32.80-95. Currently, the metal trades around a critical level, which is the 50% Fibonacci correction as shown above on the chart. We expect silver to extend the upside move, but momentum indicators are excessively overbought, which could trigger heavy fluctuations and maybe a sharp downside correction before the new bullish wave.

The trading range for today is among the key support at 30.25 and key resistance now at 35.10.

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 buying silver around 32.60 and take profit in stages at (33.35 and 34.00) and stop loss below 31.10 might be appropriate.