Morning Report

The level of 35.10 is still preventing the metal from extending the upside move, where the bullish wave stopped during the Asian session, affected by this level, which represents 50% Fibonacci correction as shown above. At the same time, the simple moving average 20 protects the upside movement, which started due to the formation of the ascending triangle. Therefore, we remain neutral today, until silver confirms the upside movement by providing consolidation above 35.10.

The trading range for today is among the key support at 32.00 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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Weekly Report

RecommendationBased on the charts and explanations above, we remain neutral today, awaiting silver to breach the level of 35.10.