Weekly Report

Silver attempts to confirm the breach of the descending main resistance level shown above, where this resistance started at the top of 49.83. The suggested breach depends on the effect of the bullish Bat harmonic pattern, where the metal is stable now around the target of 127.2% Fibonacci of the CD leg; however, the upside move is still available. Therefore, a breach of 35.75 and consolidation above it, could support silver to extend the upside move, targeting 161.8% Fibonacci at 38.30-35

The trading range for this week is among the key support at 32.80 and key resistance now at 38.35.

The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.

***New York Candlesticks***

Previous Report

 

Support
35.05
34.65
34.25
33.75
33.20

 

Resistance
35.75
36.20
36.80
37.25
37.80

 

Recommendation
Based on the charts and explanations above, our opinion is buying silver around 35.05, and take profit in stages at (36.20, 37.25 and 38.35) and stop loss with 4-hour closing below 34.00 might be appropriate