Silver inclined violently, attacking the pivotal resistance levels of 19.40. Therefore; we are forced to reconsider our suggested Elliott count. Theses inclines suggest that, the fifth wave of the IM rally from 8.50 zones hadn't been placed yet. Consequently, we believe now that the path will be cleared to achieve possible bullishness once the metal penetrate this aforesaid resistance levels, targeting 21.50 zones over short term basis. Some kind of correctional movements could occur to relieve momentum indicators before the possible bullishness starts over intraday basis.
The trading range for today is among the key support at 18.40 and key resistance now at 20.00.
The general trend over the short term basis is to the upside, targeting $ 21.50 per ounce as far as areas of 16.20 remain intact.
Weekly Report Previous ReportSupport19.1019.0519.0018.9418.80Resistance19.2519.3719.4519.5019.65RecommendationBased on the charts and explanations above our opinion is, buying silver from 19.10 targeting 19.75 and stop loss below 18.55 might be appropriate