Morning Report

Silver declined yesterday, yet the metal is still stable in areas above the levels of 31.75 and 31.25 mentioned in our weekly report. Furthermore, the metal is still stable above the main resistance of the downside movement. We might recognize another bullish technical structure, but this pattern depends on a breach of 32.85 and 33.00. In general, our morning expectations remain valid as long as the metal is stable above 31.75 today and above 31.25 during the coming period.

The trading range for today is among the key support at 31.25 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

Weekly Report

 

Support
32.45
32.10
32.00
31.75
31.25

 

Resistance
32.85
33.00
33.15
33.40
33.65

 

Recommendation
Based on the charts and explanations above, our opinion is buying silver above 32.45, and take profit in stages at 32.85, 33.65 and 34.40 and stop loss with 4-hour closing below 31.25 might be appropriate