Silver collapsed downwards, reaching our detected technical target-check it here-. Now, the negative formation of the daily candlestick along with the negative structure of the four-hour as shown on the secondary image, encourages us to expect further bearishness on the intraday basis, supported by the breakout of the momentum trend line while AROON is still signaling negative signs. Note, that our captured bearish harmonic formation still has targets to be reached around 15.25 zones.
The trading range for today is among the key support at 14.60 and key resistance now at 16.85.
The general trend is to the upside as far as 10.95 remains intact with targets at 18.50.
|Recommendation||Based on the charts and explanations above our opinion is, selling silver from 15.85 targeting 15.25 and stop loss above 16.35 might be appropriate.|