Morning Report

 As we mentioned in our yesterday's report the first target of the harmonic bearish pattern has been reached at 12.70 areas but silver obtained some kind of support from this area as shown on the hourly chart, it couldn't breach the critical areas at 13.20 affected by the double top, so our intraday bearish outlook didn't change unless a clear break occurs above 13.45.

The trading range for today is among the key support at 12.20 and key resistance now at 13.45.

The general trend is to the downside as far as 14.70 remains intact with targets at 9.85 and 8.50.

Resistance13.20 13.25 13.35 13.43 13.55


According to our analysis, we believe that it is good to sell silver with hourly close below 13.10 with targets at 12.85 and stop loss with hourly close above 13.27.