Silver entered a sideways range below 61.8% correction at 29.70 and above 78.6% correction at 28.10, yet mostly trading stabilized above 29.00 areas. This sideways range is still biased to the downside due to the wedge formation and also trading within the general downside channel. Therefore, we still expect further bearishness for silver in the coming period, where Stochastic supports our expectations.
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 with weekly closing.
|Recommendation||Based 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 four-hour closing above 30.85 might be appropriate|