Silver returned to settle above 29.05, which suggests that the upside move could extend towards the second target of the bullish Bat harmonic pattern. Stochastic attempts to provide a positive crossover, but it is still below the 50-point level, while the RSI is unable to settle above this level as well. Consolidation above 27.10 is required for the metal to test the second target of the harmonic pattern. Therefore, due to the high risk associated to our expectations today, we remain neutral.
The trading range for today is among the key support at 27.10 and key resistance now at 31.30.
The short-term trend is to the downside targeting 20.05 as far as areas of 38.00 remain intact.
**New York Candlesticks**
|Recommendation||Based on the charts and explanations above, we remain neutral due to the high risk associated to our expectations|