Morning report

Finally, silver has found a potential reversal zone for the correction that started from 15.70 zones. We discussed a daily negative harmonic formation several times before, but today a potential completion for a four-hour bearish harmonic structure is in favor while the metal is facing 61.8% Fibonacci level, accompanied by a confirmed negative divergence appearing on Stochastic. Hence, we keep our overview to the downside over the intraday basis.

The trading range for today is among the key support at 15.25 and key resistance now at 17.70.

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

Support16.5016.4216.3516.2516.08
Resistance16.6516.7416.8516.9017.00
RecommendationBased on the charts and explanations above our opinion is, selling silver from 16.65 targeting 16.05 and stop loss above 17.15 might be appropriate