Yesterdays' expected declines were achieved approximately from 41.50 and now, Stochastic is attempting to overlap positively; while RSI is moving above levels of 50.00. If we interpreted this, we will find that 38.2% Fibonacci is affecting the metal at 40.10 zones. The classical ascending channel is still in progress and that means any trading above its major support line around 39.05 will make the bullish anticipations valid.
The trading range for today is among the key support at38.15 and key resistance now at 42.05.
The general trend over short term basis is neutral until we see how the metal will behave around 42.05-42.30 zones.
Weekly ReportSupport40.1039.8539.2539.0538.65Resistance40.6040.8041.3541.5041.80RecommendationBased on the charts and explanations above our opinion is, buying silver around 40.10 gradually targeting 40.80, 41.50 and 42.05 , while the stop loss is a four hour closing below 39.05 might be appropriate.