Just a few cents separated between the metal and the previous determined technical objective at 18.20. We see how the breakout below the lower line of the bullish channel that organized the structure of CD leg for AB=CD pattern accelerated the movements yesterday. Now, the positive divergence appearing on chart could help it to re-test this broken support line from below. Thereby, potential bullishness could be witnessed over intraday basis before resuming the harmonic downside rally.
The trading range for today is among the key support at 17.90 and key resistance now at 19.10.
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 ReportSupport18.4518.4018.3018.2518.15Resistance18.6518.7418.8018.8518.90RecommendationBased on the charts and explanations above our opinion is, buying silver around 18.45 targeting 18.95 and stop loss below 18.05 might be appropriate.