Our positive expectations failed yesterday after the metal provided a 4-hour closing below the level of 32.80. But as we mentioned before in our weekly report, we find that the metal is still attempting to complete the formation of the bullish Butterfly harmonic pattern. Consolidation above 31.25 suggests completing the mentioned pattern and therefore providing more bullish attempts. A breach of 30.30 weakens our suggested scenario.
The trading range for today is among the key support at 31.25 and key resistance now at 33.65.
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 buying silver around 31.25, and take profit in stages at 32.45 and 33.16 and stop loss with 4-hour closing below 30.30 might be appropriate|