The first image explains the ascending triangle formation -bullish pattern-, which silver tested areas around its base yesterday. The second image explains the rising wedge pattern -bearish pattern-, which silver failed to breach its critical support yesterday. The level of 32.95 represents a critical barrier between these contradicted patterns, where a breach of this level confirms the downside movement, while stability above it support the upside movement to extend. The moving average 50 at 34.20 is our intraday barrier and could separate between the possibility of testing the level of 32.95 or testing the level of 35.10 again. As long as the metal is stable between 32.95 and 34.20 we prefer to remain neutral.
The trading range for today is among the key support at 30.30 and key resistance now at 35.10.
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|