Silver declines to currently approach areas around 31.75, which represents a critical barrier facing the metal. Despite the fact that stability above 31.25 supports the impact of the bullish butterfly harmonic pattern to continue, but at the same time, the metal failed several times to still above 32.85, indicating that the bearish technical pattern is still affecting the metal. Therefore, silver is expected to rebound again, affected by the butterfly harmonic pattern, but a breach of 31.25 and consolidation below it could negate our positive outlook.
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***
|Recommendation||Based on the charts and explanations above, our opinion is buying silver above 31.75, and take profit in stages at 32.45, 32.85 and 33.65 and stop loss with 4-hour closing below 31.25 might be appropriate|