Despite the bullish attempts provided yesterday, but silver is still stable below 34.40, which suggests the return of the downside movement to continue the Butterfly harmonic pattern. Stochastic provide a positive crossover, while RSI attempts to settle above the 50-point level, which weakens the possibility of the downside movement. Therefore, consolidation below 33.30 is necessary for the downside movement to return and for momentum indicators to be relieved from the positivity.
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|