Trading below the main resistance of the downside movement and also below the ascending support level shown above in pink suggests that the downside movement could extend this week, especially when momentum indicators support our bearish outlook. In fact, consolidation below 34.40 is required to confirm the negativity. But in general, any trading below 35.75 supports our negative outlook to remain valid.
The trading range for this week is among the key support at 31.80 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***
|Recommendation||Based on the charts and explanations above, our opinion is selling silver below 35.05, and take profit in stages at 34.40, 33.75 and 32.80 and stop loss with 4-hour closing above 35.75 might be appropriate|