The metal approached the second target of the bullish Bat harmonic pattern, which represents 61.8% Fibonacci correction of the CD leg as shown above. Currently, Stochastic provides a negative crossover, while silver is stable below the exponential moving average 50 at 30.40, which drive us to remain neutral, where according to the harmonic analysis rules silver is expected to achieve more harmonic targets as long as the metal is stable above 38.2% Fibonacci correction at 29.05, but at the same time, Stochastic in addition to the failure of breaching the second target at 30.80 could trigger a downside movement.
The trading range for today is among the key support at 27.10 and key resistance now at 32.75.
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, we remain neutral due to the high risk associated to our expectations|