Morning Report

Silver also was very close to the detected technical target of yesterday's reports at 19.75 and it succeeded in closing above the pivotal resistance areas of 19.40. It still respects the suggested Elliott count, where the IM upside wave could continue. Hence possible bullishness could be witnessed over intraday and short term basis, targeting the psychological levels of 20.00 zones, followed by 21.50. AROON supports this positive outlook.

The trading range for today is among the key support at 18.90 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 ReportSupport19.4019.3519.2519.1019.05Resistance19.5519.6519.7019.8019.94RecommendationBased on the charts and explanations above our opinion is, buying silver from 19.35 targeting 19.95 and stop loss below 18.85 might be appropriate.