Silver closed successfully above 19.45 zones as we discussed several times during this week. Therefore, we keep the positive outlook over intraday basis, supported by the suggested Elliott count and positive signs appearing on momentum and trend indicators. One thing that should considerably noted; areas of 19.45 could be re-tested before resuming the projected bullish movements.
The trading range for today is among the key support at 18.95 and key resistance now at 20.25.
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 around 19.50 targeting 20.05 and stop loss below 19.05 might be appropriate.|