The metal inclined yesterday, but this incline was limited to areas below 35.10-15 before it reversed to the downside again. This move suggests that silver could provide an attempt to breach the main support of the rising wedge formation today, which if breached could trigger a bearish wave towards the level of 32.95 as a start, and then towards lower levels. Momentum indicators are negative now.
The trading range for today 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, our opinion selling silver around 33.75 and take profit in stages at (32.10 and 31.25) and stop loss above 35.10 might be appropriate.|