Morning report

Silver has found a solid support around 18.25 that prevented it from reaching our defined objective at 18.15. This mentioned supported has pushed it towards the initial resistance areas of 18.60, opening the door for additional bullishness towards the extended targets of the daily bullish harmonic formation at 161.8% Fibonacci level around 19.10 zones. Henceforth potential upside movements are to be witnessed on the intraday basis.

The trading range for today is among the key support at 16.75 and key resistance now at 19.40.

The general trend is to the upside as far as 12.45 remains intact with targets at 19.40 followed by 20.15.

RecommendationBased on the charts and explanations above our opinion is, buying silver from 18.55 targeting 19.05 and stop loss below 18.15 might be appropriate.