As we expected, the positive candle yesterday helped initiate an upside channel clearly yet the metal was halted at the 17.40 resistance level which is a 38.2% fibonacci retracement and an upper bollinger band. If prices remain above the mentioned level, silver will soar to the upside. Yet if it couldn't close above it, trading will remain sidewayes between the support level at 16.20 and resistance level at 17.40.

The Trading range for today is between the key support at 16.20 and the key resistance at 18.00.

The general trend is to the upside as far as 14.50 remains intact; target at 20.90.

Resistance17.40 17.65 17.88 18.00 18.16