The decline seen yesterday sent the metal below 78.6% and 88.6% Fibonacci corrections of the upside move, which started from the bottom of 26.02 and ended at the top of 35.68. Stability below these levels could trigger more bearishness today to retest areas around 26.02 and maybe around 24.75, which represents 113% Fibonacci. A breakoutbelow this level could support the downside movement to extend significantly. Momentum indicators are within oversold areas, but they don'tnegatethe positivity appearing on the graph.
The trading range for today is among the key support at 23.40 and key resistance now at 29.70.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**New York Candlesticks**
|Recommendation||Based on the charts and explanations above, our opinion is selling silver around 27.15, and take profit in stages at (26.05 and 24.75) and stop loss with 4-hour closing above 28.10 might be appropriate|