Silver is slightly moving inside ascending channel as shown on the above chart battling the same critical areas of 12.85 (61.8%) Fibonacci expansion but still couldnâ€™t breach the lower line of this channel. Hence we expect another upward recovery as far as 12.45 remains unbroken-although the volume is too low - based on the obvious oversold signs appearing on William %R and stochastic. Note: A break with a positive 4h close above 13.12 will accelerate this expected bullishness (13.12) represents overlapping area between TEMA 15 and EMA 55.
The trading range for today is among the key support at 12.25 and key resistance now at 13.55.
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 12.90 with targets at 13.50 and stop loss at 12.45.|