Morning Report

The metal failed to maintain levels below the support levels of the trading range areas of 17.60 as seen on the provided chart. The positive daily closing along with the positive signs appeared on indicators argue us to say that, possible bullishness could be seen over intraday basis, aiming to retest SMA 50 and probably will be able to touch the Fibonacci levels of 23.6% from below at 18.55 zones. Note that the allover structure is still bearish and the contemporary bullishness should be seen as a normal correction for the downside rally from 19.45 to 17.50 zones.

The trading range for today is among the key support at 17.30 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 Report

Support17.9517.8517.7217.6517.60Resistance18.1518.2518.3018.4018.55RecommendationBased on the charts and explanations above our opinion is, buying silver around 17.95 targeting 18.50 and stop loss below 17.45 might be appropriate.