Morning Report

The metal inclined yesterday, approaching the key resistance levels around 29.10-29.35, while Stochastic is still positive and therefore, we believe that c wave of bigger B of our proposed flat corrective structure is still in progress. We should note that, areas of 27.80-28.15 should protect this bullish scenario.

The trading range for today is among the key support at26.88 and key resistance now at 29.60.

The general trend over the short term basis is to the downside targeting $ 22.95 per ounce as far as areas of 28.15 remain intact.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying silver around 28.50 targeting 29.35 and stop loss with a four hour closing below 27.80 might be appropriate.