Morning report

Silver also inclined sharply from the initial support level of 16.20 zones. We see that, it succeeded to form a daily bullish harmonic [Bat] pattern that assisted it to forma bullishengulfing candlestick formation. Now, with facing 61.8% Fibonacci ofCD leg, a mild correction is to be witnessed towards 16.90 before resuming the upside rally, retargeting 17.50 zones followed by 17.90. Hence the intraday basis is probably to the upside. EMA 50 protects the positive scenario.

The trading range for today is among the key support at 16.00 and key resistance now at 18.45.

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 17.00 targeting 17.50 and stop loss below 16.60 might be appropriate.