Silver failed to settle above 35.10, which pressured the metal to the downside to currently trade below the Simple Moving Average 50 around 34.25 as shown above on the 4-hour chart. This move led us to look at the chart from another point of view, with expectations that the metal could form a rising wedge pattern, which is a bearish pattern mentioned in our weekly report. Now, our intraday expectations depend on the pattern's main support near 38.2% Fibonacci correction at 32.95, while a breach of this level could trigger an extension of the downside movement. But, trading above 34.25 is sufficient to negate the current bearish wave, especially when Stochastic is within oversold areas. Therefore, we remain neutral today.
The trading range for today is among the key support at 30.30 and key resistance now at 35.65.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
|Recommendation||Based on the charts and explanations above, we remain neutral today, awaiting more confirmations|