Morning Report

Silver resumed to the upside in trading similar to gold, yet we can see that the correction levels among 127% and 138.2% shown on the chart above that where capable of halting last week’s bullish attempts are still confining the metal’s upside wave, in addition to negative signs seen on momentum indicators. That requires us to preserve our bearish expectations and the possibility for a downside move today prevails as far as trading is below 17.66 over the short term and below 17.23 over intraday basis.

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.

RecommendationBased on the charts and explanations above our opinion is, selling silver from 16.97 targeting 16.50 and stop loss above 17.23 might be appropriate.