In line with our yesterday's discussed scenario, silver declined to relieve momentum indicator and to gather the momentum it needs to activate the continuation of the bullish scenario, which is based on our suggested Elliott cycle. The subsidiary image of Stochastic of the hourly interval shows a positive crossover, accompanied by bullish harmonic structure. Therefore, potential ascending movements could be seen over intraday basis.
The trading range for today is among the key support at 18.15 and key resistance now at 19.65.
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 ReportSupport18.8518.8018.7518.6518.55Resistance18.9519.0019.1019.2519.37RecommendationBased on the charts and explanations above our opinion is, buying silver from 18.80 targeting 19.45 and stop loss below 18.30 might be appropriate.