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***
|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|