Morning Report

Again, silver failed to settle above 34.65, and it is currently trading in areas around the main support of the upside move, which started at the bottom of (D) point of the bullish Bat harmonic pattern. Momentum indicators are negative, but still, harmonic analysis rules suggest the extension of the targets of the bullish structure as long as the metal is stable above (C) point. But the barrier at 34.65, which represents 113% Fibonacci of the CD leg, weakens that strength of the bullish pattern. In result, and according to the harmonic analysis and momentum indicators, we expect a downside movement today, yet the metal must provide 4-hour closing below 33.75.

The trading range for today is among the key support at 32.45 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.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above, our opinion is selling silver around 34.00, and take profit in stages at (33.40, 32.45 and 31.25) and stop loss with 4-hour closing above 34.65 might be appropriate. In case silver reached our stop loss point, our opinion is buying silver around 34.65, and take profit in stages at (35.10 and 35.70) and stop loss with 4-hour closing below 33.75 might be appropriate