Morning Report

The upside move seen today was limited in areas below 38.2% Fibonacci correction at 32.95 as shown above on the chart. This fact supports our negative outlook to remain valid, supported by the rising wedge pattern. The return of the downside movement is possible today, but a breach of 32.95 weakens our outlook, while consolidation above 33.70 negates our bearish outlook for today.

The trading range for today is among the key support at 29.55 and key resistance now at 34.50.

The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.

**New York Candlesticks**

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Weekly Report

 
Support32.1031.8031.6031.2530.95
 
Resistance32.9533.0533.5033.7034.00
 
RecommendationBased on the charts and explanations above, our opinion is selling silver below 32.95, and take profit in stages at (31.60 and 30.95) and stop loss with 4-hour closing above 33.70 might be appropriate