The metal remains stable above 31.25 and rushed higher, and now we can see that trading is steady above 32.80 supporting silver to extend the upside move. Stability above the mentioned areas might support the metal to test the upper band of the sideways range and that means areas between 33.00 and 33.15; breaching the latter will extend the bullishness, as the key for the upside move is stability above 31.25 per ounce.
The trading range for today is among the key support at 31.00 and key resistance now at 34.00.
The short-term trend is to the downside targeting 20.05 as far as areas of 38.00 remain intact with weekly closing.
*The chart above is based on NY time*
|Recommendation||Based on the charts and explanations above our opinion is buying silver around 32.15 and take profit in stages at 32.85, 33.15 and 34.00 and stop loss with four-hour closing below 31.25 might be appropriate|