In case the technical structure which controlled silver's movement from the bottom of 26.02 to the top of 35.65 was a rising wedge pattern indeed, we should wait for more confirmations regarding the breach of 33.50 as a start and then a breach of 32.95, where we can't confirm that before this happens. The metal is currently facing these areas supported by stability below the moving average 50 around 34.35, where stability below this level could trigger a downside tendency in attempts to breach the mentioned levels. But on the other hand, a breach of 35.10 and consolidation above it could negate the downside movement. Dear reader, due to the high risks associated to our expectations we remain neutral today.
The trading range for this week is among the key support at 30.30 and key resistance now at 36.20.
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|