Morning Report

Silver is biased to the downside, but still the metal is trading within the sideway range between 34.40 and 32.95-80. A breach of the support level at 32.80 should confirm the downside movement, but we depend on the stability below 34.40 and 34.65 to expect more bearish attempts to breach the support level of the sideway range. Trading outside the ascending channel in addition to the negativity seen on momentum indicators are factors support our intraday 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

 

Support
33.20
33.00
32.80
32.45
32.10

 

Resistance
33.40
33.75
34.00
34.25
34.40

 

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 34.40 might be appropriate.