Morning Report

Silver is negatively biased, indicating that the metal is still forming the CD leg of the Butterfly harmonic pattern. But Stochastic attempts to provide a positive crossover, therefore a breach of 32.85 in necessary to negate the effect of this crossover. We expect silver to extend the downside movement, but a breach of the mentioned level is necessary.

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
33.15
33.00
32.80
32.45
32.10

 

Resistance
33.40
33.65
34.00
34.40
34.65

 

Recommendation
Based on the charts and explanations above, our opinion is selling silver around 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