Morning Report

Silver approached the first technical objective of yesterday's discussed correction at 17.90, where it found solid support. Therefore, the bullishness that was explained in our weekly report is to resume to complete the CD leg of the suggested harmonic structure AB=CD. To recap, possible positive actions could be seen today but some kind of fluctuation might occur due to the overbought sign on RSI 14.

The trading range for today is among the key support at 17.85 and key resistance now at 18.90.

The general trend over 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

Support18.2518.1518.0517.9017.85
Resistance18.3518.4018.4618.5518.63
RecommendationBased on the charts and explanations above our opinion is, buying silver from 18.25 targeting 18.90 and stop loss below 17.80 might be appropriate.