Morning Report

Over the daily basis; we see that silver managed to breach the major resistance level for the ascending channel, providing more strength for the upside wave; the secondary image shows the mentioned breach, and thereby we believe that the direction today is going to be to the upside over intraday basis. Over thehourly basis; we see an impulsive wave that targets 19.80, where the metal is currently forming the first wave and part of the third, which further supports the continuation of the bullish wave. A downside correction might be seen before the metal can resume heading to the upside to unload negative momentum seen over hourly basis. Nevertheless, steady trading above 18.85 will keep the upside potential valid for today.

The trading range for today is among the key support at 18.50 and key resistance now at 20.15.

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

RecommendationBased on the charts and explanations above our opinion is buying silver from 19.15 targeting 19.80 and stop loss below 18.80 might be appropriate