Morning report

Silver also has reached the first projected technical target of 16.70, forming a bullish candlesticks structure, clearing the path for additional inclines in order to resume the harmonic [CD] leg, targeting 17.70 zones. Overbought signs that are appearing on the momentum indicators may slow down this scenario, particularly with facing 76.4% Fibonacci level. The allover structure is still bullish on the intraday basis.

The trading range for today is among the key support at 15.45 and key resistance now at 17.70.

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 16.60 targeting 17.20 and stop loss below 16.10 might be appropriate.