Morning Report

Silver continues to trade around the support level of the sideway range as shown above, while RSI is slightly bullish. Consolidation above the mentioned support at 31.25 might be sufficient for the metal to extend the upside move today. But still, stability above 31.80 is necessary to confirm our positive outlook. In general, the suggested bullishness remains valid as long as the metal is stable above 31.25.

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

 
Support31.2531.0030.8530.3029.90
 
Resistance31.8032.0032.1532.6032.85
 
RecommendationBased on the charts and explanations above, our opinion is buying silver around 31.50 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