Similar to all metals, Silver declined before the FOMC meeting and was technically protected by 12.00 as we discussed several times before forming a positive daily close at 12.95 zones above (61.8%) Fibonacci expansion 12.85 areas where now itâ€™s moving around 61.8 Fibonacci expansion level without showing a clear indication. However, on the intraday basis we expect more correction for yesterdayâ€™s aggressive move towards 12.45 areas followed by a new upside action as far as 12.25 remains unbroken. Carefully note that volume is low now
The trading range for today is among the key support at 12.25 and key resistance now at 13.45.
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 attempt to buy silver at 12.55 with targets at 13.10 and stop loss at 12.20.|