Morning Report

Silver returned to incline, yet the metal is still trading below 38.2% Fibonacci correction and also below the SMA 50 around 32.95. Stochastic is negative and trades below the 50-point level, while the RSI was unable to settle above the 50-point level since mid November. All these factors together drive us to expect that the downside movement is still valid, affected by the rising wedge pattern as shown above on the chart.

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

 
Support32.1031.6031.2530.9530.50
 
Resistance32.9533.0533.5033.7534.25
 
RecommendationBased on the charts and explanations above, our opinion is selling silver below 32.95, and take profit in stages at (31.25 and 29.55) and stop loss with 4-hour closing above 33.75 might be appropriate