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The metal ignored the negativity of momentum indicators and incline sharply. In fact, we are facing a famous case, where RSI shows overbought signs but the positivity continues as seen on the provided chart. Stochastic became positive once more; whilst yesterday's candlestick gave us the impression 161.8% Fibonacci will be visited at 50.25 zones. Our Elliott count suggests that the fourth wave was limited earlier and we entered a new IM wave.
The trading range for today is among the key support at 44.85 and key resistance now at 52.10.
The general trend over short term basis is to theupside,targeting 50.20 as far as areas of 42.10 remain intact with weekly closing.
|Recommendation||Based on the charts and explanations above our opinion is, buying silver around 48.20 gradually targeting 49.50 and 50.25 , while the stop loss is a daily closing below 47.20 might be appropriate.|