Yesterday's suggested bearishness was limited around our detected sensitive areas of 18.80 but the sharp inclines occurred from this point forced us to look at larger time scale. The weekly chart needs a breakout above 19.45 to achieve aggressive upside actions and with all these technical attempts to breach it we believe that it is easier this time to breach it. Thus; we believe that the bullishness might dominate the movements over intraday basis, supported by the uptrend line which carries the wave from 8.50 areas.
The trading range for today is among the key support at 18.80 and key resistance now at 19.85.
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.
|Recommendation||Based on the charts and explanations above our opinion is, buying silver with a breakout above 19.45 targeting 20.05 and stop loss below 18.95 might be appropriate.|