Silver reached the critical areas between 12.70 and 12.85 (61.8%) Fibonacci expansion of the upside wave as we discussed in our mid-day report yesterday and it's trying to build a new technical base whereas it can retrace the decline that occurred near 14.60. We expect a new upward wave for the intraday basis as far as 12.25 remains unbroken. Note: Stochastic and William%R show oversold case besides Gator bullish signal
The trading range for today is among the key support at 12.00 and key resistance now at 13.88.
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 13.05 with targets at 13.50 and stop loss with a four hour close below 12.70.|