Fundamental Reports

The metal reached the 38.2% correction at 10.54 once again where this level was able to reverse the trend to the downside. At the same we see the an ascending channel with a key support at 9.94 where trading between these two levels will not specify a direction unless we see a clear breakout of either of the two levels. The breach of resistance level will result in further upside movements targeting the 50% correction near the $11 per ounce level whereas a breach of the support will take silver down to 9.70 at the very least.

The trading range for today is among the key support at 9.12 and the key resistance at 10.85.

The general trend is to the downside as far as 14.70 remains intact with targets at 8.05 and 7.60