Morning Report

Despite the bullish attempt provided yesterday, the metal returned to settle in areas below the resistance at 29.70. This is a negative sign and suggests that the metal doesn't have sufficient momentum to negate the effect of the rising wedge pattern, and in result we expect silver to provide another bearish attempt today.

The trading range for today is among the key support at 27.10 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

 
Support29.0528.8528.6028.1027.50
 
Resistance29.7030.3030.5530.8531.00
 
RecommendationBased on the charts and explanations above, our opinion is selling silver around 29.70, and take profit in stages at (28.60 and 27.50) and stop loss with 4-hour closing above 30.85 might be appropriate