Morning Report

Reconsidering our suggested Elliott sequence over short term basis, we think that the fifth wave hadn't been placed yet while the forth wave might have taken the Running flat shape. Therefore potential bullishness could be seen today, particularly if the metal succeeded in breaching 18.05 zones. Note that, momentum indicators might cause some kind of fluctuation.

The trading range for today is among the key support at 17.55 and key resistance now at 18.50.

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 17.90 targeting 18.50 and stop loss below 17.40 might be appropriate