The pair is stable below the resistance levels at 32.85 and 33.15, which could form a possible bearish continuation structure. But, consolidation above the Simple Moving Average 20 weakens the negativity. Stochastic is negative, which supports the pair to consolidate below the Moving Average. In result, we expect a downside movement today, however, stability above 33.15 should negate our expectations over intraday basis.
The trading range for today is among the key support at 29.65 and key resistance now at 34.00.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 31.30 | 31.05 | 30.65 | 30.30 | 29.65 |
| Resistance | 32.30 | 32.95 | 33.15 | 33.65 | 34.00 |
| Recommendation | Based on the charts and explanations above, we recommend selling silver around 32.30 and take profit in stages at (30.85 and 29.65) and stop loss with daily closing above 33.15 might be appropriate. | ||||
Please see the attached chart below.