Morning Report

The sharp incline seen yesterday was not able to support silver to breach the level of 32.95, which represent 32.8% Fibonacci correction as shown above. This fact also was accompanied with the RSI failure to consolidate above the 50-point level. Therefore, we expect the rising wedge pattern is still effective and could force the metal to the downside. Consolidation above 32.95 delays our expectations, while stability above 33.75 should weaken them significantly.

The trading range today is among the key support at 30.30 and key resistance now at 34.60.

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

 
Support32.1031.6031.2530.9530.50
 
Resistance32.9533.0533.5033.7534.25
 
RecommendationBased on the charts and explanations above, our opinion is selling silver around 32.95, and take profit in stages at (31.25 and30.30) and stop loss with 4-hour closing above 33.75 might be appropriate