Morning Report

The metal failed several time to settle above the top of (C) point of the harmonic structure shown above, where this failure is accompanied with a negative crossover seen on momentum indicators. Therefore, we expect the metal to retest the critical support of the upside move, which started at the bottom of (D) point, and in result we expect a downside movement to test areas between 32.40 and 32.10. A breach of these levels could support the downside movement to extend further.

The trading range for today is among the key support at 30.30 and key resistance now at 35.10.

The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.

**New York Candlesticks**

Note: Buying Gold and Selling Silver could be irrational, but this chart of Gold/Silver explains our suggested intraday moves.

Previous Report

Weekly Report

Support33.0032.7532.4032.1031.60
Resistance33.4033.7534.2534.6035.10
RecommendationBased on the charts and explanations above, our opinion is selling silver below 33.40, and take profit in stages at (32.40 and 31.60) and stop loss with 4-hour closing above 34.25 might be appropriate