Morning Report

The metal reversed to the downside after testing the Moving Average 50 yesterday, where this expected downside movement was affected by the rising wedge pattern as shown above. Today, we expect more bearishness, where stability below 32.95 drives us to remain negative, while the metal will primarily test the level of 30.30, which if breached could support the downside movement to extend further.

The trading range for today is among the key support at 29.55 and key resistance now at 33.50.

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

**New York Candlesticks**

Previous Report

Weekly Report

 
Support31.2530.9530.5030.3030.00
 
Resistance32.1032.6032.9533.0533.50
 
RecommendationBased on the charts and explanations above, our opinion is selling silver below 32.10, and take profit in stages at (30.30 and 29.55) and stop loss with 4-hour closing above 32.10 might be appropriate