We can say that additional bullish movements could be seen during current session, particularly if it succeeded to stabilize above (31.77) zones. A proper confirmation would occur if the SILVER will manage to overcome the (32.34) resistance.
Currently, further bullish actions could be seen on SILVER. A break below (30.21) could be a threat to the bullish scenario targeting (30.59) even (30.35). On upside. Immediate resistance is at (32.77). A close above that area should keep the major bullish scenario intact testing (33.80) area.
We expect a bullish overall direction for today. That requires the base to build on (31.55); targeting (32.78) then (33.41). A break under (30.21) support area will extend losses to (30.17).
Overall the direction remains unclear. SILVER might close below (29.66). If seen this will call for more declines to the (29.95) level. Further down, support is located at (29.79). Alternatively, above the (30.98) level it will to be traded to resume its medium term uptrend towards its important resistance at (31.94).
We hold a view of the instrument moving in the range of (30.70 – 29.66). We have to wait and watch the movement of the instrument from current levels.
We prefer a downside scenario at this phase. Since bias is bearish in nearest term targeting (29.64). Another move back above (30.77) could lead us to neutral zone.
SILVER maintains a bid tone for now. Break above (30.30) may trigger further recovery of the SILVER. Going bellow latest swing low at (29.74), however, would confirm continuation of the bearish trend, towards next objective downwards (28.92).
We see better value in long positions. If the price will advance above the first resistance at (29.28), this would confirm continuation of the bullish trend, towards next objective upwards (28.47) then (28.00) and (27.27) will follow.
We prefer a downside scenario at this phase. Since bias is bearish in nearest term targeting (26.16). Another move back above (29.26) could lead us to neutral zone.
The outlook has grown increasingly bearish since SILVER had remained below its latest swing high at (29.79). If this resistance level is broken to the upside, the outlook will deteriorate.
