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Yesterday's rise confirms silver's ability to consolidate above 17.73 according to our reports yesterday; now the metal is trading within the contracting triangle range where its main resistance resides at 18.66. Stochastic is signaling further upside movement where silver needs stability above 50 MA at 18.22, with that our expectations for intraday bullish movement will be further confirmed.
The trading range for today is among the key support at 17.60 and the key resistance at 18.66.
The general trend over short term basis is to theupside targeting 21.50 as far as areas of 16.20 remain intact.
Weekly ReportSupport18.0818.0518.0017.9017.80Resistance18.2018.2818.2418.4318.48RecommendationBased on the charts and explanations above, our opinion is buying silver around 18.08 targeting 18.66 and stop loss with four-hour closing below 17.94 might be appropriate