Morning Report

Silver moved slightly higher yet still trading below the resistance at 34.40 and 34.65 where those areas are the ceiling of the sideways range. Momentum indicators are negative and that might force the downside reversal today. Steady trading above 34.65 will be sufficient to negate our expectations.

The trading range for today is among the key support at 32.80 and key resistance now at 36.10.

The short-term trend is to the downside targeting 20.05 as far as areas of 38.00 remain intact with weekly closing.

*The chart above is based on NY time*

Previous Report

Weekly Report

 

Support
34.00
33.75
33.40
33.20
33.00

 

Resistance
34.40
34.65
35.10
35.70
36.10

 

Recommendation
Based on the charts and explanations above our opinion is selling silver below 34.40 and take profit in stages at 33.75, 33.40 and 32.80 and stop loss with four-hour closing above 34.65 might be appropriate