Morning Report

Silver is currently showing the ability of building the CD leg of a harmonic AB=CD pattern after breaching the initial resistance level of 16.60. The overbought signs appearing on momentum indicator might cause some kind of fluctuation before resuming the construction of the harmonic structure. To recap, the intraday outlook might be to the upside over intraday basis.

The trading range for today is among the key support at 16.25 and key resistance now at 17.60.

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

Weekly Report Previous Report

Support16.8516.7716.7216.6516.55
Resistance17.0517.1017.1817.2517.40
RecommendationBased on the charts and explanations above our opinion is, buying silver from 16.85 targeting 17.40 and stop loss below 16.40 might be appropriate.