Morning report

The correction has been limited around 16.40 zones, where the inclining actions occurred from there has cleared the path for the metal to reach the second projected technical target of the [D] areas for the harmonic structure at 161.8 % Fibonacci level of [XA] leg. A breakout above 17.35 is needed to confirm the expected bullish scenario towards the mentioned technical target.

The trading range for today is among the key support at 15.95 and key resistance now at 18.50.

The general trend is to the upside as far as 10.95 remains intact with targets at 18.50.

RecommendationBased on the charts and explanations above our opinion is, buying silver from 17.10 targeting 17.65 and stop loss below 16.70 might be appropriate.