Morning Report

The bullish attempts yesterday were not able to send silver above the top of (C) point with a daily closing, while the metal didn't reach the resistance level of 34.25. This confirms that silver could reverse to the downside again, especially when Stochastic is negative and RSI is still within overbought areas. The suggested harmonic structure could be less effective now and will not be able to force more upside pressures on the metal as long as silver is stable below 33.75-95.

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, butthis chart of Gold/Silverexplains our suggested intraday moves.

Previous Report

Weekly Report

 

Support
33.40
33.00
32.75
32.40
32.10

 

Resistance
33.75
33.95
34.25
34.60
35.10

 

Recommendation
Based on the charts and explanations above, our opinion is selling silver around 33.75, and take profit in stages at (32.40 and 31.60) and stop loss with 4-hour closing above 34.25 might be appropriate