Silver has declined sharply breaching the cluster support areas at 12.00 negatively influenced by the previous explained bearish harmonic pattern reaching most of the pattern’s extreme targets but finally a bullish candle stick pattern has been formed indicating the possibility of an upward reaction wave while the hourly studies of Camarilla levels supports this expected bullishness particularly if it succeeds to breach L3 level which represents the P.P - Pivot point – of the intraday basis and also we can’t ignore the oversold signs appearing on the indicators. Only a break of 11.35 zones can make our analysis invalid.

The trading range for today is among the key support at 11.20 and key resistance now at 12.75.

The general trend is to the upside as far as 10.95 remains intact with targets at 16.50.












Support11.7311.6611.5011.4311.35
Resistance11.95 12.06 12.12 12.25 12.35

Recommendation

According to our analysis, buy silver at 11.85 with targets at 12.50 and stop loss at 11.35.