• SILVER - Weekly Report

    The price broke above the classic resistance level at point A of the bullish harmonic Butterfly Pattern, also breaching 78.6% and 88.6% correction of CD Leg of the referred to pattern. Stability above 19.55 is positive and could push the price towards 19.97 - 20.00, and breaching these levels extends the upside move towards 127.2% at 20.13 levels.

    The bullish wave starts by breaching 20.13 that could trigger an upside move towards the the target 161.8% correction at 20.55 showing on graph. From the downside, breaking 19.35 is a negative signal, while breaking 19.07 fails the positive expectations and confirms ending the pattern’s effect.

    Support 19.67 19.55 19.45 19.35 19.21
    Resistance 19.81 19.89 19.98 20.13 20.24
    Based on the above, buy silver above 19.67 targeting 19.98, 20.12 then 20.55 and stop-loss below 19.21 this week

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

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