Morning Report

The metal is gradually declining, where this decline confirms the continuous effect of the rising wedge pattern -bearish pattern- as shown above. We expect silver to extend the downside movement, as the metal could reach the level of 28.10 and then 27.10 after providing a breach of the first level. These levels represent 78.6% and 88.6% Fibonacci corrections respectively. Our expectations require consolidation below 29.70 over intraday basis.

The trading range for today is among the key support at 26.00 and key resistance now at 31.00.

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

Support28.8528.6028.1027.5027.10
Resistance29.1529.9030.3030.5531.00
RecommendationBased on the charts and explanations above, our opinion is selling silver around 29.15, and take profit in stages at (28.10 and 27.15) and stop loss with 4-hour closing above 30.00 might be appropriate Based on the charts and explanations above, our opinion is selling silver around 29.15, and take profit in stages at (28.10 and 27.15) and stop loss with 4-hour closing above 30.00 might be appropriate