Morning Report

Despite the slight incline we have seen, we still see price stable within levels that keep the bearish classical pattern valid, while stochastic has reached overbought area as well, meanwhile price remains below the 50% Fibonacci correction show on image around 31.75. Thus, we expect the downside move to resume, and an attempt to breach 31.25 today.

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

 
Support31.2530.8530.3029.9029.60
 
Resistance31.7532.0032.1532.6032.85
 
RecommendationBased on the charts and explanations above, we recommend selling silver around 31.75 targeting 31.25,30.85 and 30.30. Stop loss four-hour closing above 32.60.