Morning Report

Silver declined after breaching the ascending main support, while harmonically speaking the metal is still forming the CD leg of the suggested Butterfly pattern. Despite the positivity seen on momentum indicators, but we expect that any trading below 34.40 is sufficient for the downside movement to continue, while consolidation below (B) point of the harmonic structure at 33.69 supports our bearish outlook significantly.

The trading range for today is among the key support at 31.25 and key resistance now at 34.40.

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
32.80
32.45
32.10
31.75
31.25

 

Resistance
33.00
33.15
33.40
33.65
34.00

 

Recommendation
Based on the charts and explanations above, our opinion is selling silver below 33.00, and take profit in stages at 31.75 and 31.25 and stop loss with 4-hour closing above 34.00 might be appropriate