The rebound of silver is very weak due to the strong bearish effect of C wave for the ZZ formation. Momentum indicators show clear oversold signs and that may cause some kind of bullish correction but the bearishness is still in favor. Stability below 35.65 areas confirms the bearish anticipations.
The trading range for today is among the key support at 30.05 and key resistance now at 35.00.
The general trend over short term basis is to the downside targeting 26.65 as far as areas of 48.50 remain intact with weekly closing.
| Support | 33.60 | 33.30 | 33.00 | 32.82 | 32.45 |
| Resistance | 34.35 | 34.50 | 35.00 | 35.65 | 36.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling silver around 34.35 gradually targeting 33.05,32.45 and 31.25, while the stop loss is a daily closing below 35.65 might be appropriate. | ||||
Please see the attached chart below....