Silver is currently facing 127% Fibonacci projection of CD leg for the bullish harmonic AB=-CD pattern, where a break of which will bring more upside trend towards 31.22. Furthermore, 161.8% Fibonacci of the aforesaid leg is under microscope. Despite of the negative sign of Stochastic and the negative divergence of RSI but the bullish channel with the support of 30.35 is still dominating the upside wave. Thereby, the bullishness is highly predicated over intraday basis.
The trading range for today is among the key support at 29.46 and key resistance now at 31.91.
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 30.70 targeting 31.90 and stop loss with a four hour closing below 29.80 might be appropriate.|