For the third consecutive day, silver tries to breach the pivotal resistance areas of 18.60 but it couldn't. The range trading between 23.6% and 38.2 % Fibonacci levels continues dominating the movements, while the bearish technical pattern-discussed in the weekly report- is still in favor and the four-hour chart offers overbought signs but our outlook will be neutral today until we see if the metal will be capable of breaching the aforesaid levels or the pattern will be activated as well.
The trading range for today is among the key support at 17.90 and key resistance now at 19.00.
The general trend over the short term basis is to the upside, targeting $ 21.50 per ounce as far as areas of 16.20 remain intact.
Weekly Report Previous Report
Support 18.40 18.30 18.25 18.15 18.05
Resistance 18.60 18.65 18.74 18.83 18.96
Recommendation Based on the charts and explanations above our opinion is, staying aside until a clear sign appears.
