Morning Report

The metal is still stable outside the scope of the ascending channel, and also below the resistance of the sideway range at 34.40-34.65. RSI is negative. Therefore, the metal could provide another attempt to retest areas around the support level of the sideway range at 32.95-80, which if breached, a downside movement could control the pair's movement during the entire session today. Consolidation above 34.65 is sufficient to negate our expectations.

The trading range for today is among the key support at 31.00 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

Support33.4033.2033.0032.8032.10
Resistance33.7534.0034.2534.6535.10
RecommendationBased on the charts and explanations above, our opinion is selling silver below 33.75, and take profit in stages at (32.80, 32.10 and 31.00) and stop loss with 4-hour closing above 34.65 might be appropriate. In case the metal reached our stop loss point, our opinion is buying silver around 34.65 and taking profit in stages at 35.10 and 35.70 and stop loss with 4-hour closing below 33.75 might be appropriate.