The price is still respecting the hourly ascending channel influenced by the previous explained harmonic bullish pattern particularly after the consolidation occurred above 12.90 areas. Therefore we still expect more upside actions on the intraday basis as far as 12.45 remains unbroken supported by William % R overbought sign appearing on the above chart targeting 13.25 zones followed by 13.50. Note: weâ€™ve to watch the price action carefully around 13.25 as any clear break occurs above will accelerate the bullish movements.
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.
|According to our analysis, we believe that it is good to buy silver at 13.00 with targets at 13.50 and stop loss at 12.60.|