Morning report

As we explained in our yesterday’s mid-day report, silver was able to find a strong support above 61.8% Fibonacci expansion level which is located at 12.85 as shown on the above chart reviving that the bullishness is under preparation for retesting the pivotal resistance at 13.50 supported by the bullish candlestick pattern which indicates that the temporary bottom might has been detected at 12.57 for the time being. Carefully note that Aroon indicator is preparing for a positive upward action and with the volume increasing this anticipated move will be activated. Only a break of 12.45 can make it invalid.

The trading range for today is among the key support at 12.25 and key resistance now at 13.90.

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












Support12.9512.8512.7212.6012.45
Resistance13.12 13.25 13.35 13.50 13.65

Recommendation

According to our analysis, we believe that it is good buy silver at 13.00 with targets at 13.55 and stop loss at 12.55.