Morning Report

Silver inclined affected by the breach of 127.2% Fibonacci of the CD leg of the bullish Bat harmonic pattern and the breach of the main resistance of the downside movement. Momentum indicators are excessively overbought, which could trigger heavy fluctuations and maybe some downside corrections, but at the same time, any trading above 35.70 suggests an upside moving, testing areas around 161.8% Fibonacci of the Bat pattern at 38.30.

The trading range for today is among the key support at 33.65 and key resistance now at 39.45.

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
36.80
36.20
35.70
35.05
34.65

 

Resistance
37.25
37.40
37.80
38.30
39.45

 

Recommendation
Based on the charts and explanations above, our opinion is buying silver around 36.80, and take profit in stages at 37.25 and 38.30 and stop loss with 4-hour closing below 35.70 might be appropriate