Morning report

Silver has respected all positive effects we mentioned in our previous reports placing a temporary high at 12.82 but depending on the new detected bearish harmonic pattern appearing on the above chart we expect a reactionary wave which will be treated just as a correction targeting 12.55-12.60 zones before resuming the major upside direction and we expect that the mentioned areas will be able to push it aggressively breaching the most important resistance areas at 13.25. Only a break of 12.25 can make the overall bullishness invalid.

The trading range for today is among the key support at 12.00 and key resistance now at 13.50.

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












Support12.6512.5512.4012.2512.00
Resistance12.85 12.96 13.12 13.25 13.40

Recommendation

According to our analysis, attempt to buy silver at 12.60 with targets at 13.20 and stop loss at 12.20.