Silver has been trading steadily to the upside within a pattern very similar to a rising wedge formation, where failure to stabilize below 33.00-32.75 areas is a positive sign that may push the metal to test the 50 days SMA shown above. Therefore, we expect an intraday upside move this morning supported by the 50 SMA over four-hour basis.
The trading range for today is among the key support at 31.60 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.
*The provided chart based on GMT+2*
|Recommendation||Based on the charts and explanations above, we recommend buying silver around 33.45 targeting 34.00,34.60 and 35.50 , stop loss with four-hour closing below 32.80 might be appropriate.|