Morning Report

The metal is trading within a narrow range just below the 50 days SMA. Currently, trading settles in the middle of the range among the rising wedge formation shown above, the current narrow trading stance push us to remain on the sideline awaiting a directional rally or selloff for more confirmations regarding the next potential move.

The trading range for the day is among the key support at 32.00 and key resistance now at 36.00.

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 staying aside awaiting more confirmations.