Weekly Report

Silver is still trading sideways in general between 88.6% and 113.0% Fibonacci of the CD leg of bullish Bat harmonic pattern, but still, the metal also trades outside the ascending channel which started at the bottom of 26.14. Momentum indicators are still negative which suggests that silver could extend the downside correction. But to confirm the downside correction, especially with the stability within the sideway range of 34.65 and 32.80, the metal should breach the main support. Therefore, we remain neutral, awaiting the breach of the mentioned level at 32.80.

The trading range for this week is among the key support at 30.30 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

 

Support
33.20
33.00
32.80
32.45
31.80

 

Resistance
34.00
34.25
34.65
35.10
35.70

 

Recommendation
Based on the charts and explanations above, our opinion is selling silver below 32.80, and take profit in stages at (31.80 and 30.30) and stop loss above 33.75 might be appropriate.