Classically, silver could notstabilize below 18.05 until now and the price is presently moving above the middle line of the ascending channel, accompanied by stable move above MA 20 and MA 50, seen on the four-hour chart. These technical factors alongside positive sign of Stochastic make us anticipate potential bullishness; targeting 18.35-61.8% Fibonacci expansion- followed by the resistance level of the uptrend at 18.85. Note that areas of 17.85 should hold to keep this scenario valid.
The trading range for today is among the key support at 17.65 and key resistance now at 18.75.
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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|Recommendation||Based on the charts and explanations above our opinion is, buying silver from 18.05 targeting 18.85 and stop loss below 17.72 might be appropriate.|