Silver continues to trade around the support level of the sideway range as shown above, while RSI is slightly bullish. Consolidation above the mentioned support at 31.25 might be sufficient for the metal to extend the upside move today. But still, stability above 31.80 is necessary to confirm our positive outlook. In general, the suggested bullishness remains valid as long as the metal is stable above 31.25.
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.
Support: 31.25, 31.00, 30.85, 30.30, 29.90
Resistance: 31.80, 32.00, 32.15, 32.60, 32.85
Recommendation Based on the charts and explanations above, our opinion is buying silver around 31.50 and taking profit in stages at 32.15, 32.85 and 33.15 and stop loss with 4-hour closing below 31.00 might be appropriate
The metal settled above the main resistance of the downside movement and also above 23.6% Fibonacci correction of the downside movement, which started at 1790.00 and ended at the bottom of 1612.00. This correction at 1653.00 became a strong support level, while consolidation above this level might trigger the continuity of the upside move as the metal attempts to form the CD leg of the suggested harmonic pattern. A breach of 1624.00 negates our positive outlook.
The trading range for today is among the key support at 1608.00 and key resistance now at 1700.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
Support: 1653.00, 1645.00, 1638.00, 1632.00, 1624.00
Resistance: 1662.00, 1666.00, 1673.00, 1681.00, 1690.00
Recommendation Based on the charts and explanations above our opinion is buying gold around 1653.00, targeting 1681.00, 1694.00 and 1700.00 and stop loss with 4-hour closing below 1638.00 might be appropriate.
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