The upward potential didn't change yet as the Fibonacci expansion level at 13.50 areas is still supporting it and we think that silver is still gathering enough momentum since yesterday as the price action can't breach the level. Hence we expect an upside reaction recovery at least to retest the broken trend line where our overview for intraday basis is based on clear oversold signals on stochastic and WIILIAM %R INDICATORS unless a clear break occurs below 13.25-13.12 areas.
The trading range for today is among the key support at 13.00 and key resistance now at 14.60.
The general trend is to the upside as far as 12.00 remains intact with targets at 16.50.
|According to our analysis, we believe that it is good to buy silver with a four hour close above 13.65 with targets at 14.20 and stop loss with a four hour close below 13.25.|