Silver reached yesterday the first target of the bullish harmonic structure at 29.05 and then rebounded to the upside, which indicates that the metal is heading towards the pattern's second target around 30.80. We expect the positivity to extend over intraday basis asfar as the metal is stable above 38.2% Fibonacci at 29.05. Stochastic is within overbought areas, but the indicator doesn't provide any reversal sign.
The trading range for today is among the key support at 28.10 and key resistance now at 31.30.
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 buying silver above 29.10, and take profit in stages at (30.30 and 30.80) and stop loss with 4-hour closing below 28.10 might be appropriate|