Morning Report

The level of 32.95 was able to push silver to the downside, and now we see how the rising wedge pattern affects the metal negatively. Stochastic supports the extension of the downside movement supported by the effect of the bearish technical structure. The level of 31.25-10 represents the first technical barrier facing the metal, while a breach of these levels and 4-hour closing below them could trigger another strong bearish wave.

The trading range for today is among the key support at 29.55 and key resistance now at 33.75.

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

 
Support31.6031.2530.9530.5030.30
 
Resistance32.1032.9533.0533.5033.75
 
RecommendationBased on the charts and explanations above, our opinion is selling silver around 32.10, and take profit in stages at (31.25 and 29.55) and stop loss with 4-hour closing above 33.05 might be appropriate