Morning Report

After touching yesterday's suggested entry point around 29.25 zones, the metal has slipped violently re-attacking the pivotal support around 28.70 as seen on the provided four-hour graph. SMA 50 continued covering the movements and AROON indicator has turned yesterday's shaky negative sign into a very strong one. Therefore, we hold onto our bearish anticipations over intraday basis, supported by the rising wedge pattern which proved its accuracy during the previous period. Technical target of this classical pattern resides at 26.70.

The trading range for today is among the key support at 26.70 and key resistance now at 30.50.

The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling silver around 28.75 targeting 26.70 and stop loss above 29.70 might be appropriate.