Morning report

Silver also collapsed downwards, affected by the strong resistance of 61.8% Fibonacci level and the bearish harmonic formation as seen on the provided four-hour chart, approaching the technical target of 16.05- check the analysis here-. Now, it's battling the harmonic uptrend line but the string of bearish candlesticks alongside the negative divergence effect is to pressure the metal more. Hence we keep our short and intraday basis to the downside.

The trading range for today is among the key support at 15.25 and key resistance now at 17.40.

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

Support16.2516.1516.0515.9315.86
Resistance16.3516.4316.5616.6516.75
RecommendationBased on the charts and explanations above our opinion is, selling silver from 16.45 targeting 15.90 and stop loss above 16.90 might be appropriate.