Mid-Day Report

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Silver is still trading above the main downside channel's resistance levels, while the MACD indicator is starting to provide positive signs on the daily scale. An exit from the downside channel's trading range would pressure an upside movement to test the side-way pattern's ceiling levels at 19.45, where further rise to 19.75 could occur, affected by the candle's positive structure above the resistance levels (as indicated in the subsidiary chart). An upside technical pattern is projected for today as long as the trading base remains above 18.58 on the daily scale.

The trading range for today is among the key support at 18.45 and the key resistance at 19.75.

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

Support18.9018.8018.7418.6518.58
Resistance19.0219.0719.1519.2019.30
RecommendationBased on the charts and explanations above our opinion is buying silver around 18.90 targeting 19.45 and stop loss above 18.45 might be appropriate.