Morning Report

Silver is trading positively, but the positivity is still limited in areas below 30.85, affected by the overbought signs seen on Stochastic. Consolidation above 29.60 suggests that the metal could provide new attempts to reach the resistance level at 30.80 in attempts to breach this level to extend the upside move, supported by the continuous formation of the CD leg of the Deep Crab harmonic pattern. Heavy fluctuations and downside corrections are possible affected by momentum indicators, but at the same time, our bullish scenario remains valid as long as silver is stable above 29.60.

The trading range for today is among the key support at 28.10 and key resistance now at 32.75.

The short-term trend is to the downside with steady weekly closing below 48.50 targeting 26.65.

**New York Candlesticks**

Previous Report

Weekly Report

 

Support
30.30
29.90
29.60
29.05
28.85

 

Resistance
30.85
31.00
31.30
31.60
32.10

 

Recommendation
Based on the charts and explanations above, our opinion is buying silver above 29.90, and take profit in stages at (30.85 and 32.10) and stop loss with 4-hour closing below 28.85 might be appropriate