The most difficult harmonic pattern is the Bat harmonic pattern in detecting the potential reversal zone. As shown above the structure started at the (X1) point, while silver settled for the level of 31.55 yesterday and then rebounded to the upside to reach critical areas around 33.40. Today, we find that the double harmonic structure is still valid, but it is not as ideal as before, which drives us to await the metal to provide a 4-hour closing below 32.75 to confirm it. Therefore, we remain neutral in our morning report despite our expectations of a downside correction. Consolidation above 33.40 negates any possible downside correction over intraday basis.
The trading range for today is among the key support at 30.30 and key resistance now at 34.60.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
**New York Candlesticks**
|Recommendation||Based on the charts and explanations above, we remain neutral awaiting more confirmations|