Morning Report

Silver is moving gradually to the upside, touching 40.80 once more which represents 23.6% Fibonacci as seen on the provided image. The ascending channel is still valid and its support now becomes at 39.55. Hence, trading above this level will support the bullish predictions; while breaching through the aforesaid resistance will accelerate the bullish wave.

The trading range for today is among the key support at 38.15 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.

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Weekly Report

Support40.6040.2039.8539.5539.05
Resistance40.8040.9541.3541.5041.80
RecommendationBased on the charts and explanations above our opinion is, buying silver around 40.30 gradually targeting 40.80, 41.50 and 42.05 , while the stop loss is a four hour closing below 39.05 might be appropriate.