The bearishness seen yesterday was not able to force silver to provide 4-hour closing below 32.94-80, which means that the metal remained within the sideway range. Stochastic is within overbought areas, while the metal is still outside the ascending channel. Therefore, our negative expectations remain valid. But, 4-hour closing below 32.80 is necessary to confirm our outlook.
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 34.40 might be appropriate|