Silver continued the downside movement and it is currently trading below 34.40 outside the ascending channel. This indicates that the downside movement could extend during the coming period to retest areas around 33.15 and 32.80. A breach of the last level could support the negativity to spread further. Consolidation below 34.80 is necessary for our expectations to prevail, but consolidation below 34.40-65 adds more confirmation to our negative outlook.
The trading range for today is among the key support at 31.80 and key resistance now at 35.05.
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 34.00, and take profit in stages at 33.15 and 32.10 and stop loss with 4-hour closing above 34.80 might be appropriate|