Morning Report

A potential continuation classical pattern cup with handle is under preparation for the time being as seen on the four-hour chart. Indicators might cause a mild correction before resuming the upside rally which is mainly targeting 17.95 zones. Hence additional bullishness could be witnessed over intraday basis.

The trading range for today is among the key support at 16.80 and key resistance now at 18.25.

The general trend over the short term basis is to the downside, targeting $ 13.60 per ounce as far as areas of 19.40 remain intact.

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RecommendationBased on the charts and explanations above our opinion is, buying silver from 17.35 targeting 17.95 and stop loss below 16.85 might be appropriate.