Morning Report

Silver is trading around 61.8% correction of CD which is the second target for the bullish AB=CD pattern. Stability above 28.45 signal the extension of the upside move towards the first extended target at 76.4% around 28.95. Breaching the harmonic resistance might drive the metal beyond the first extended target and towards the top C. Therefore, we expect silver to move to the upside today and might fluctuate heavily due to the buying saturation on indicators.

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.

Previous Report

Weekly Report

Support28.2528.1527.8027.6527.45
Resistance28.7529.0529.2029.6029.85
RecommendationBased on the charts and explanations above, our opinion is buying silver around 28.15 targeting 28.95 and stop loss with four-hour closing below 27.65 might be appropriate today