Yesterday's mild downside movements were limited around SMA 50, which assisted the metal to incline once more. Therefore, the bullish effect of AB=CD pattern is still in favor and more bullishness might occur over intraday basis. A break of 18.25 is needed to activate this positive scenario.
The trading range for today is among the key support at 17.60 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 ReportSupport18.0518.0017.9017.8517.80Resistance18.2518.3518.4618.5518.65RecommendationBased on the charts and explanations above our opinion is, buying silver with a breakout above 18.25 levels targeting 18.75 and stop loss below 17.85 might be appropriate.