Morning report

The bullish effect of the previous mentioned double bottom is still in progress and confirmed by the steady move above the critical areas of 12.85 represent 61.8% Fibonacci expansion, more incline is highly anticipated now retesting the important resistance areas at 13.25 based on the price action above TEMA 15 and EMA 50 indicators as shown on the above chart. Therefore this bullish scenario will not be cancelled unless a clear break occurs below 12.45 zones.

The trading range for today is among the key support at 12.25 and key resistance now at 13.65.

The general trend is to the upside as far as 12.00 remains intact with targets at 16.50.












Support12.8512.7512.6612.5512.45
Resistance13.12 13.25 13.35 13.45 13.65

Recommendation

According to our analysis, we believe that it is good to buy silver with a four hour close above 13.00 with targets at 13.50 and stop loss with a four hour close below 12.60.