The internal count of our suggested fifth wave appearing on the provided four-hour chart offers the probability of achieving a new inclining wave in order to complete the allover IM-impulsive- wave. Mixing that with the minor harmonic formation we will get potential reversal zones at the extreme technical objective of the pattern at the same areas of 18.25. To recap, possible bullishness is in favor over intraday basis.

The trading range for today is among the key support at 16.95 and key resistance now at 18.40.

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.

Weekly Report Previous Report

Support17.6517.5517.4817.3517.25
Resistance17.7717.8517.9518.0018.15
RecommendationBased on the charts and explanations above our opinion is, buying silver from 17.65 targeting 18.25 and stop loss below 17.25 might be appropriate.