Morning Report

Silver inclined affected by the bullish butterfly harmonic structure, but the bullishness stopped in areas around the critical resistance of 32.85, which prevents us from suggesting more upside moves today, where the metal should breach and settle above this resistance to confirm the failure of the bearish technical structure. But at the same time, consolidation above 31.75 and 31.25 prevents us from expecting a downside movement today. Therefore, we remain neutral today, awaiting further confirmations.

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***

Previous Report

Weekly Report

RecommendationBased 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