Silver rebounded to the upside, but the metal is still stable below 34.00 and also below the critical level of 34.40. Therefore, the Butterfly pattern is still under formation and remains valid, especially when Stochastic is within overbought areas. In result, our negative expectations remain as they are.
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***
|Recommendation||Based on the charts and explanations above, our opinion is selling silver below 33.75, and take profit in stages at 32.80 and 31.75 and stop loss with 4-hour closing above 34.40 might be appropriate|