Silver continues moving upwards and now, a few cents separates between the price and our previous proposed technical target around 31.90 areas. This level represents 161.8% Fibonacci projection of CD leg of the bullish harmonic AB=CD pattern, which took the metal from the bottom of 26.80 to the current levels. In the interim, we should be careful as there are clear overbought signs on momentum indicators. A four hour closing above 31.92 will trigger more upside actions towards 32.45.To conclude, the bullishness is still in favor over intraday basis.
The trading range for today is among the key support at 30.35 and key resistance now at 33.00.
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 31.60 targeting 32.45 and stop loss with a four hour closing below 31.00 might be appropriate.|