Morning report

Silver is approaching the detected reversal areas between 16.35 and 16.44, which represent the re-testing zones for the broken trend line as seen on the secondary image, where the daily bearish harmonic downside rally is to be resumed. Therefore we hold our intraday outlook to the downside. The pivotal resistance areas of 16.90 should hold to protect our anticipation, otherwise the overview may be invalid.

The trading range for today is among the key support at 14.90 and key resistance now at 17.30.

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 16.40 targeting 15.80 and stop loss above 16.90 might be appropriate.