The harmonic pattern for silver looks a lot like that of gold, where the difference is that silver is trading above the harmonic resistance around 61.8% correction, which is the second target for the formation. Trading above this resistance might drive the metal towards the 76.4% of CD from the bullish harmonic pattern, and we might see the target extension towards top C which means testing 28.95 areas and stability them signal areas of 29.80-85. Stochastic is positive supporting our expectations for silver to return to the upside.
The trading range for today is among the key support at 26.50 and key resistance now 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 28.15 targeting 28.95 and stop loss with four-hour closing below 27.65 might be appropriate today|