After the silver broke the 76.4% Fibonacci level above the upper line of the channel, it failed to close above it and was limited by the cluster expansion resistance of the upward recovery of the downside wave that started at 11.70 area and ended by a low at 10.31 area. The William % R indicator supports the outlook that the medium term is still bearish all we need now is to confirm this downward direction by seeing a close below 61.8% which is the price silver is struggling with above the Ichimoku cloud for time being.
The trading range for today is among the key support at 10.60 and the key resistance at 12.00
The general trend is to the downside as far as 14.70 remains intact with targets at 9.85 and 8.50
|Risk is too high today unless a sustained break out happens to 50 % correction level at 10.98 levels|