Morning report

Silver respected our expected correction scenario towards (12.55-12.60) zones by placing a temporary low at 12.55 (check it here) whereas it was traded within a medium liquidity conditions but succeeded to form a solid and positive technical base pushed it to the major upside direction once more . Therefore we see that this bullishness will continue on the intraday basis targeting the most important resistance areas at 13.25 particularly if a strong breakout occurs above Fibonacci expansion level valued at 12.85 as shown on the above chart. 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.












Support12.6512.5512.4012.2512.15
Resistance12.85 13.05 13.25 13.35 13.45

Recommendation

According to our analysis, buy silver at 12.70 with targets at 13.25 and stop loss at 12.30.