Morning Report

Silver is moving steadily above the pivotal resistance areas of 19.40, reviving that the strength of the bullishness could continue, supported by two technical factors.

1-The suggested Elliott sequence as it supposed that it is forming the 5th wave of the impulsive structure.

2-AROON indicator's positive sign.

Thereby, potential upside movements could be seen today without ignoring the overbought sign of Stochastic as it might cause some kind of fluctuation.

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 ReportSupport19.3519.2519.1019.0519.00Resistance19.5519.6519.7019.8019.94RecommendationBased 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