Morning Report

Silver has been able to find a very solid support around 17.05 zones, where it met 127% Fibonacci correctional level of BC leg for the recently caught AB=CD pattern as seen on the provided daily chart. A breakout above 18.30 zones is needed to say that, the pattern might take the metal towards its extreme technical targets around 19.15 zones. Indicators are neutral and also our overview is neutral over intraday basis.

The trading range for today is among the key support at 17.40 and key resistance now at 18.75.

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 ReportSupport17.9017.8517.8017.7517.65Resistance18.1518.2518.3018.4618.55RecommendationBased on the charts and explanations above our opinion is, staying aside until a clear sign appears to pinpoint the upcoming big move.