Morning Report

The metal is facing the 30.55 strong support , where the downside move yesterday was halted at this level. The metal is range-trading however with a slight downside bias and this is well illustrated by the bearish technical pattern shown above, failing to settle above the 50-days SMA is also supporting the downside pressure, however, stochastic has entered oversold areas while around this important downside technical barrier, accordingly, we expect further downside pressure but may be preceded by some fluctuations.

The trading range for today is among the key support at 28.40 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

 
Support30.5030.0029.6029.1028.60
 
Resistance31.2031.6032.1032.6032.95
 
RecommendationBased on the charts and explanations above our opinion is, selling silver with four-hour closing below 30.55 targeting 29.90 and 28.35, stop loss with-four hour closing above 31.60 might be appropriate.