Silver is trading narrowly within a sideway range shown above, but also outside the scope of the upside move. Trading outside the upside move and below 34.40 and 34.65 supports our negative expectations to remain valid, but these expectations require a breach of areas around 32.95-80 to be confirmed and negate any possibility of forming a bullish technical structure.
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.
|Recommendation||Based 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.|