Morning Report

Despite the sharp inclines that occurred yesterday and the positive daily closing but silver is still trapped below the key resistance level of 15.85 zones. The classical outlook shows that, the metal is touching the upper line of the descending channel that controls the bearish wave of the short term basis, where it also meets SMA 50. This contradiction between the daily closing and the negative signs appearing on the four-hour chart make us say; the intraday outlook is neutral until we catch a confirmed sign.

The trading range for today is among the key support at 14.50 and key resistance now at 16.25.

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

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RecommendationBased on the charts and explanations above our opinion is, waiting until a confirmed sign appears in order to pinpoint the coming big move.