Weekly Report

Silver is still affected by the bullish Butterfly harmonic pattern, but we cannot ignore the fact that the metal failed several times to settle above 32.85, which represents the neckline of a bearish technical structure. Momentum indicators are positive, but Stochastic is almost within overbought areas which limits the positivity. Therefore, trading between 31.25 and 32.85 creates technical conflict between harmonic and classic signs. We remain neutral in our weekly report, but we recommend tracking our next reports for more confirmations.

The trading range for this week is among the key support at 30.30 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

 

Support
32.45
31.75
31.25
30.85
30.30

 

Resistance
32.85
33.00
33.20
33.75
34.00

 

Recommendation
Based on the charts and explanations above, we remain neutral awaiting more confirmations