Morning report

Silver has reached the projected technical target of yesterday's report at 16.00 zones, where it inclined sharply, clarifying thatthe market is on the way toform an extended daily CD leg of the previous discussed harmonic pattern, targeting 127% Fibonacci of XA leg at 17.32. Therefore an incline is to be seen over the intraday basis as far as the pivotal support areas of 16.25 remain intact.

The trading range for today is among the key support at 15.75 and key resistance now at 17.90.

The general trend is to the upside as far as 10.95 remains intact with targets at 17.90.

RecommendationBased on the charts and explanations above our opinion is, buying silver from 16.80 targeting 17.30 and stop loss below 16.35 might be appropriate.