Morning report

Silver is moving steadily upward influenced by the protection presented to it via 12.00 (psychological level) as we discussed yesterday whereas it moved mildly attempting to hit the most important resistance level around 12.25-12.30 zones while also supported positively by the previous predicated bullish harmonic pattern targeting 12.65 first and a break of which will take us to 13.05 zones. Hence on the intraday basis we keep our overview to the upside as far as 11.85 remains unbroken.

The trading range for today is among the key support at 11.80 and key resistance now at 13.10.

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












Support12.2512.1512.0511.8511.73
Resistance12.44 12.55 12.66 12.75 12.85

Recommendation

According to our analysis, we believe that it is good buy silver at 12.30 with targets at 12.85 and stop loss at 11.85.