Morning Report

Silver touched the broken neckline ideally yesterday, where it inclined sharply once more, reviving that the bullishness of the classical pattern is still in favor and it is currently moving above SMA 50. Therefore, more positive actions could occur over intraday basis, supported by the bullish channel appearing on momentum indicator. The typical technical objectives reside around 18.70 zones.

The trading range for today is among the key support at 17.60 and key resistance now at 18.90.

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 ReportPrevious ReportSupport18.1518.0518.0017.9017.85Resistance18.3018.3518.4618.5518.65RecommendationBased on the charts and explanations above our opinion is, buying silver from 18.15 targeting 18.70 and stop loss below 17.60 might be appropriate.