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Morning report

The recent established Elliott wave cycle as seen on the above four-hour chart is clarifying that the 2^nd internal wave of the bigger fifth might have been bottomed out at 942.00 zones. Now  the metal is preparing for an upside movement supported by the short term double bottom appearing on the secondary image. This anticipated uptrend will be treated as the third internal wave. Note that the whole bullishness will be confirmed with a break of 964.00.

The trading range for today is among the key support now at 925.00 and key resistance now at 996.00.

The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.

To get the latest report click here.

Morning report

Silver succeeded to form the previous awaiting long white candlestick yesterday, approaching our defined first target. Now it's building a new technical base to resume its bullishness via forming a [BAT] harmonic pattern above the pivotal support zones of 14.78. The eventual upside target is pointing at 16.10 which represents the completion of the short term pattern. Note that a very slight correction is needed before activating this positive scenario.

The trading range for today is among the key support at 14.60 and key resistance now at 16.10.

The general trend is to the upside as far as 10.95 remains intact with targets at 16.85.