Morning Report

Silver is stable above 50% Fibonacci correction as shown above accompanied with a positive crossover seen on Stochastic above the 50-point level. All these sighs together supports the upside movement to extend over intraday basis. The Relative Strength Index is within overbought areas, which could trigger heavy fluctuations.

The trading range for today is among the key support at 30.25 and key resistance now at 35.65.

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 33.35 and take profit in stages at (34.00 and 35.10) and stop loss below 32.60 might be appropriate.