We expected an upside action in our midday report yesterday, but we didn't expect such aggressive move towards 12.40 area. Similat to all metals, silver was fundamentally affected by yesterday's poor data besides technical effect of the support silver obtained by touching the lower line of the ascending channel. The bearish outlook didn't change as the stochastic indicator shows overbought signs.
The trading range for today is among the key support at 11.66 and the key resistance now at 12.74
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.|