As we expected yesterday, Silver moved clearly to the upside approaching 61.8% correction of CD leg of the bullish AB=CD pattern. We have a bullish formation which might extend the upside move since trading is stable above 38.2% correction of the same leg at 27.65. Therefore, we expect silver to move to the upside towards the harmonic pattern's extended targets to initially test areas of 74.6% correction.
The trading range for today is among the key support at 26.50 and the key resistance at 29.85.
The general trend over short term basis is to thedownside targeting 23.60 as far as areas of 30.80 remain intact with weekly closing.
|Recommendation||Based on the charts and explanations above, our opinion is buying silver around 27.80 targeting 28.95 and stop loss with four-hour closing below 27.05 might be appropriate today|