Morning Report

Silver is stable below 50% Fibonacci correction at 35.10 as shown above and also below the resistance level at 34.60, which could support the metal to retest the base of the ascending triangle as shown above through the extension of the downside movement which started yesterday. The Relative Strength Index is negatively biased, but Stochastic is positive and could trigger fluctuations today.

The trading range for today is among the key support at 32.10 and key resistance now at 36.80.

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

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RecommendationBased on the charts and explanations above, we recommend selling silver around 34.60 and take profit in stages at (33.85 and 32.95) and stop loss with daily closing above 35.25 might be appropriate.