Morning Report

Our negative expectations failed yesterday as the metal settled above the top of (C) point around the resistance at 33.75, which turned into support. Consolidation above the mentioned level could trigger an upside wave towards the extended target of 127.2% Fibonacci of the CD leg in our case at 35.70, but RSI is within overbought areas now, which could trigger heavy fluctuations. But, any trading above 32.60 should support the upside move, while stability above 33.75 supports our positive expectations much better.

The trading range for today is among the key support at 31.60 and key resistance now at 35.70.

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

**New York Candlesticks**

Previous Report

Weekly Report

 

Support
33.95
33.75
33.40
33.00
32.60

 

Resistance
34.25
34.65
35.10
35.65
36.20

 

Recommendation
Based on the charts and explanations above, our opinion is buying silver above 33.95, and take profit in stages at (34.65 and 35.70) and stop loss with 4-hour closing below 33.00 might be appropriate