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Morning Report
The upside move stopped in areas around the resistance of the sideway range, where this resistance is at 34.40-65. Momentum indicators are within overbought areas, which could force the metal to reverse slightly to the downside, correcting the bullish wave seen before. But, consolidation above 34.65 negates any expectations for a downside correction.
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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
| Support | 34.00 | 33.75 | 33.40 | 33.20 | 33.00 |
| Resistance | 34.40 | 34.65 | 35.10 | 35.70 | 36.20 |
| Recommendation | Based on the charts and explanations above, our opinion is selling silver around 34.25, and take profit in stages at (33.75, 33.40 and 32.80) and stop loss with 4-hour closing above 34.65 might be appropriate | ||||
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