Silver plunged strongly again on friday, indicating the indecisive price action; howver it was stopped at the 50-days SMA and around 33.00 support area. In general, we haven`t seen an invalidation of the short term bullish trend so far, and thus we remain on the bullish side this week, although we may see fluctuations and sideways movement.
The trading range for this week is expected among the key support at 32.00 and key resistance at 35.50.
The short-term trend is to the upside with steady weekly closing above 26.00 targeting 50.00.
Support 33.65 33.25 32.75 32.50 32.00
Resistance 34.00 34.35 35.00 35.35 35.70
Recommendation Based on the charts and explanations above, we recommend buying silver around 32.90 targeting 33.30,34.20 and 35.00. Stop loss below 31.90