Morning Report

Silver dropped heavily yesterday yet failed in stabilizing below the support at 18.37 which pressured the metal into a bullish correction today. Over daily basis we can see that silver is still trading above the major support for the upside trend which generally structured the move since striking the bottom at 14.63; accordingly this might pressure silver to attempt to rebound bullishly today which remains valid as far as trading is above 18.37. We can see that the 50 MA is protecting the upside wave and MACD is still trading positively.

The trading range for today is among the key support at 17.90 and the key resistance at 19.45.

The general trend over short term basis is to theupside targeting 21.50 as far as areas of 16.20 remain intact.

Previous Report

Weekly ReportSupport18.5518.4518.3718.3018.15Resistance18.5918.6418.7418.8018.85RecommendationBased on the charts and explanations above our opinion is buying silver around 18.55 targeting 19.10 and stop loss below 18.30 might be appropriate