Morning report

Similar to gold, Silver finally respected the previous explained harmonic bullish pattern which was bottomed at 12.00 (psychological level) as we discussed several times before. Now we think that it will retest the broken line of the minor descending channel around 12.35 zones before resuming the bullishness towards the first technical target of the mentioned pattern at 12.65 and a break of which will bring a new upside rally towards 13.05 zones. Hence we keep our overview to the upside as far as 11.95 remains unbroken.

The trading range for today is among the key support at 11.80 and key resistance now at 13.25.

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












Support12.3512.2512.1212.0511.90
Resistance12.55 12.65 12.73 12.85 13.00

Recommendation

According to our analysis, buy silver at 12.35 with targets at 13.00 and stop loss at 11.90.