The slight positivity seen on Stochastic wasn't able to push the metal towards another bullish wave. Consolidation below 38.2% Fibonacci correction as shown above on the chart at 32.95 and also below the moving average 50 led us to hold our negative expectations as they are, supported by the rising wedge pattern.
The trading range for this week 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**
|Recommendation||Based on the charts and explanations above, our opinion is selling silver around 32.10, and take profit in stages at (30.30 and 29.55) and stop loss with 4-hour closing above 33.35 might be appropriate|