Morning Report

The breach of 50% Fibonacci correction could trigger a test of 61.8% Fibonacci as shown above. The ascending triangle formation could also support the upside movement, where the triangle's suggested target is at 37.80, while 61.8% Fibonacci correction is at 37.25. Therefore, we expect trading above 35.10 to support the upside movement to extend today.

The trading range for today is among the key support at 32.95 and key resistance now at 37.80.

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 buying silver around 35.10 and take profit in stages at (36.20 and 37.25) and stop loss below 34.40 might be appropriate.