Morning report

Silver also couldn't make a stable movement above the key resistance level of 16.85; thus the negative daily structure of the harmonic studies came back into focus, particularly after the activation that occurred to the momentum and trend indicators. Therefore, we see that the metal is to move downwards over the intraday basis. A break of the momentum uptrend line will bring a panic sell-off action towards the awaited technical target of 15.95.

The trading range for today is among the key support at 15.50 and key resistance now at 17.90.

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 16.80 targeting 16.20 and stop loss above 17.30 might be appropriate.