• SILVER - Weekly Report

    The metal moved to the upside touching the first target of the bullish harmonic Butterfly Pattern showing on graph. There are several attempts to breach the first target at 19.07 which could trigger further bullishness towards 19.35, but breaking 18.89 weakens this opportunity.

    Over the week, we cannot bet on an upside move as the overall downside move is still valid, whereas the bearish resistance showing on the graph above makes trading below 19.67 negative.

    Therefore, we will bet on a slight downside move but we will not bet on extending it right now. We recommend viewing our next reports to see if the harmonic pattern’s effect will extend.

    Based on the above, buy silver above 19.03 targeting 19.21, 19.35 then 19.55 and stop-loss below 18.77 this week

    Note: This is only to define the trend, for more details please visit the Recommendation section

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