Silver headed lower towards the 50.0% Fibonacci correction at 30.75, where price has found some support. The momentum is clearly bearish, however, the 200-days SMA and the 30.00 psychological barrier are very close, and thus we look for a continuation of the downside move towards these key technical support levels, however, over weekly basis stability below 30.00 is required to confirm further downside.
The trading range for this week is expected among the key support at 29.50 and key resistance at 33.00.
The short-term trend is to the upside with steady weekly closing above 26.00 targeting 50.00.
Support: 30.80, 30.25, 30.00, 29.65, 29.10
Resistance: 31.50, 32.45, 32.65, 33.25, 33.50
Recommendation Based on the charts and explanations above, we recommend selling silver around 31.25 targeting 30.00. Stop loss four-hour closing above 31.60
The metal has sharply broken 1700.00-key support level, to reach our downside target for Friday's scenario at 1685.00, in fact settled below 1680.00. The sharp selloff and break below 1700.00 suggest we may see further downside pressure over the coming few days , and could extend initially towards the 200-days SMA and the 50.0% Fibonacci correctional level for the whole bullish wave that started from 1525.00 to 1796.00.
The trading range for this week is expected among the key support at 1630.00 and key resistance now at 1730.00.
The short term trend is to the upside targeting 1945.00 per ounce as far as areas of 1520.00 remain intact with a weekly closing.
Support: 1675.00, 1665.00, 1657.00, 1650.00, 1645.00
Resistance: 1685.00, 1700.00, 1707.00, 1715.00, 1725.00
Recommendation Based on the charts and explanations above, we recommend selling gold below 1685.00 targeting 1675.00 and 1650.00. Stop loss above 1698.00
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