Morning Report

Silver continues to trade within the sideway range between the resistance of 33.15 and the support of 31.25 since the 14th of March. But, the thing that pulls our attention that the support level of the sideway range was able to stop all the bearish attempts. Therefore, we still expect an upside move today, targeting 32.50 and then 33.15 and finally testing the resistance of the sideway range again. MACD started to trade above the zero level, while RSI attempts to settle above the 50-point level, which supports our positivity.

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 31.80 and taking profit in stages at 32.85, 33.15 and 34.00 and stop loss with 4-hour closing below 31.25 might be appropriate