Morning Report

The metal provided a weekly candlestick below the main resistance of the downside movement and also below EMA 20, 50 and 100 week. In addition, RSI is negative and is trading below the 50-point level. Therefore, we expect that the failure seen yesterday might force the metal to be affected significantly by the weekly classic structure shown above, and in result we expect the downside movement to extend this week. Consolidation below 31.25 supports the bearishness.

The trading range for today is among the key support at 29.60 and key resistance now at 33.00.

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

 
Support31.2531.0030.8530.3029.90
 
Resistance31.7532.0032.1532.6032.85
 
RecommendationBased on the charts and explanations above, our opinion is selling silver around 31.75 and taking profit in stages at 31.25, 30.85 and 30.30 and stop loss with 4-hour closing above 32.60 might be appropriate