Morning Report

Following the breakoutabove the rectangular areas, silver has passed over the first suggested potential reversal zone of the harmonic CD leg and it looking forward to reach the second suggested [D] point around 18.50-18.60 zones. The candlestick formation confirms the intraday positive outlook. SMA 20 is carrying the bullishness above the pivotal support level of 17.70, supporting the scenario.

The trading range for today is among the key support at 17.00 and key resistance now at 18.90.

The general trend is to the upside as far as 12.45 remains intact with targets at 19.40.

RecommendationBased on the charts and explanations above our opinion is, buying silver from 17.90 targeting 18.50 and stop loss below 17.45 might be appropriate