Midday Report

Silver inclined, while we recognize a bullish technical structure formed within the sideway range, where this positive pattern is supported by the stability of RSI above the 50-point level. Therefore, we expect an upside move today, targeting the retest level of the sideway range at 34.40 and maybe the critical resistance at 34.65.

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.

***New York Candlesticks***

Previous Report

Weekly Report

 

Support
33.75
33.40
33.20
33.00
32.80

 

Resistance
34.00
34.25
34.40
34.65
35.10

 

Recommendation
Based on the charts and explanations above, our opinion is buying silver around 33.75, and take profit in stages at (34.40 and 34.65) and stop loss with 4-hour closing below 33.00 might be appropriate