Morning Report

The metal failed to settle below the level of 31.25 with 4-hour closing, which might trigger a sideway range between the mentioned level and the level of 33.15. Silver attempts now to settle above 31.80-85, the thing that supports the return of the upside move, targeting areas around 32.80. Therefore, we negate our weekly expectations and suggest an upside move today. A breach of 31.25 and stability below it is sufficient for silver to extend the bearishness.

The trading range for today is among the key support at 30.40 and key resistance now at 33.15.

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

RecommendationBased on the charts and explanations above, our opinion is buying silver around 31.75 and taking profit in stages at 32.15, 32.85 and 33.15 and stop loss with 4-hour closing below 31.00 might be appropriate