Morning Report

Silver inclined towards 18.51 and failed to stabilize above 18.46, triggering the downside move today. This bearishness did not extend beyond 17.90 the barrier between positivity and negativity over intraday basis; also, it did not breach the mid ascending channel support and the 50 MA at 18.22 and 18.20 respectively. Accordingly, the proposed Harmonic scenario remains valid suggestingpossible positive trading. Silver must stabilize above 18.36 -61.8% expansion shown above- to confirm the upside move continuing.

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

The short term trend is to the downside targeting 13.60 as far as areas of 19.40 remain intact.

RecommendationBased on the charts and explanations above our opinion is buying silver from 18.25 targeting 18.90 and stop loss below 17.90 might be appropriate