Morning report

According to our short term Elliott count for the impulsive wave that started at 17.60 zones, we believe that silver is presently forming the 4th wave which is targeting the key support level of 18.90-18.95 zones. Note that, the continuation for the upside rally should start from this area to complete the aforesaid cycle. Thereby we keep the potential bullish scenario over intraday basis which is targeting 19.80 zones. Areas of 18.60 should hold to keep our positive scenario valid.

The trading range for today is among the key support at 18.05 and key resistance now at 20.15.

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

RecommendationBased on the charts and explanations above our opinion is, buying silver from 18.95 targeting 19.60 and stop loss below 18.40 might be appropriate.