Morning report

Silver declined sharply, reaching the projected technical target of 16.80 -Friday's technical target-. Now the negative effect of the bearish harmonic pattern along with the negative effects of the candlesticks structure, appearing on the secondary image will push it to move to the downside more over the intraday basis, targeting 15.95 areas. A break of the momentum trend line will bring panic sell-off actions.

The trading range for today is among the key support at 15.45 and key resistance now at 17.60.

The general trend is to the upside as far as 10.95 remains intact with targets at 18.50.

Support16.5016.4216.3316.2516.18
Resistance16.6616.7016.7516.8516.90
RecommendationBased on the charts and explanations above our opinion is, selling silver from 16.65 targeting 16.10 and stop loss above 17.10 might be appropriate.