Silver has inclined yesterday according to all positive effects we mentioned yesterday placing a temporary high at 12.91 but with the 4h continuous close below 61.8% Fibonacci expansion a bearish harmonic pattern has been detected showing that the price still has targets to be reached in order to be able to build a solid technical base around 12.50-12.55 zones whereas we expect a new impulsive upward wave targeting the most important resistance areas at 13.25 first where a breakout above it will bring an upside continuation. Therefore we will keep our outlook to the upside on the intraday basis today as far as 12.00 zones remains unbroken.

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.












Support12.6612.5512.4012.2512.00
Resistance12.85 13.00 13.15 13.25 13.35

Recommendation

According to our analysis, buy silver at 12.60 with targets at 13.25 and stop loss at 12.15.