Morning report

Silver is moving freely above the initial support at 12.25 influenced by the protection presented to it via 12.00 (psychological level) as we discussed several times before and we think that the upside action is still under preparation for the time being based on the previous 4h bullish candle stick pattern confirms that the target areas of the bullish harmonic pattern isn’t reached yet which lies at 12.65 and a break of which will bring a rally resumption towards 13.05 zones. Hence 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 13.25.

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












Support12.2512.1612.0011.8511.70
Resistance12.44 12.55 12.66 12.74 12.85

Recommendation

According to our analysis, buy silver at 12.30 with targets at 12.85 and stop loss at 11.85.