Weekly Report

The bullish Butterfly harmonic pattern negated the effect of the bearish technical structure, while the metal returned to settle above the level of 31.75. Therefore, silver might provide another attempt to settle above 32.85 and confirm the failure of the bearish technical structure and in result to confirm the continuity of the upside move. But, Stochastic is currently within overbought areas and provides a negative crossover, which might trigger heavy fluctuations and may downside corrections before achieving the suggested scenario, noting that a 4-hour closing below 31.25 is sufficient to negate the suggested bullishness.

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
32.00
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, our opinion is buying silver above 31.75, and take profit in stages at 32.85 and 33.75 and stop loss with 4-hour closing below 31.00 might be appropriate