Morning Report

Silver is negatively biased, where yesterday the metal provided a daily-closing below the level of 31.20, which drives us to expect that the downside movement could extend further during the session today. This downside movement is supported by the rising wedge pattern -bearish technical pattern-, which is a continuation pattern located within the medium-term descending channel. Consolidation below 32.95 is required for expectations to remain valid, which stability below 32.10 supports our bearish expectations significantly.

The trading range for today is among the key support at 29.55 and key resistance now at 33.05.

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

 
Support30.9530.5030.3030.0029.55
 
Resistance31.6032.1032.6032.9533.05
 
RecommendationBased 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 32.10 might be appropriate