Morning Report

Silver declined sharply affected by the level of 32.85, which might be the suggested neckline of a bearish classic pattern. But at the same time, the metal rebounded to the upside after reaching areas around 31.75, which might be the bullish Butterfly harmonic pattern. The technical conflict seen drives us to remain neutral today, awaiting more 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

 

Support
32.00
31.75
31.25
31.00
30.85

 

Resistance
32.45
32.85
33.00
33.15
33.40

 

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