The metal is still supported above 38.2% Fibonacci correctional level at 17.80 and therefore, 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 we still consider the awaited upside movements as a correction before resuming the downside rally inside our caught bearish channel. AROON is still positive, supporting our outlook.
The trading range for today is among the key support at 17.30 and key resistance now at 18.55.
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 ReportSupport17.8517.7217.6517.6017.55Resistance18.0018.0518.1518.2518.30RecommendationBased on the charts and explanations above our opinion is, buying silver around 17.90 targeting 18.50 and stop loss below 17.45 might be appropriate.