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.
Support: 31.60, 31.25, 31.00, 30.85, 30.30
Resistance: 32.10, 32.50, 32.85, 33.00, 33.15
Recommendation Based 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
The metal's movement was almost limited between the resistance of 1653.00 and the support of 1632.00, where this range is above the critical support level of 1624.00. Stability above this level means stability above the main resistance of the downside movement and therefore forming the 0-5 harmonic pattern remains possible. We still expect an upside move today, where consolidation above 1653.00 might trigger a bullish rebound towards 1679.00 and then 1700.00. Consolidation below 1624.00 is sufficient to negate our positive outlook.
The trading range for today is among the key support at 1590.00 and key resistance now at 1680.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
Support: 1638.00, 1632.00, 1628.00, 1624.00, 1608.00
Resistance: 1645.00, 1650.00, 1653.00, 1662.00, 1666.00
Recommendation Based on the charts and explanations above our opinion is buying gold around 1638.00, targeting 1681.00, 1694.00 and 1700.00 and stop loss with 4-hour closing below 1624.00 might be appropriate.
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