Morning report

The same can be said here as silver has been capable of extending the previous discussed harmonic bullish scenario above the projected technical target of 17.20. Now, a downside correction is urgently needed to relieve the indicators which moved into overbought areas since this week's opening. Besides, the strength of the full correctional level of 17.35 areas may be able to limit the harmonic CD leg. Therefore our intraday overview will be to the downside.

The trading range for today is among the key support at 15.95 and key resistance now at 18.50.

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

Support17.2517.1817.1217.0516.96
Resistance17.3517.4417.5217.6017.70
RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.35 targeting 16.70 and stop loss above 17.85 might be appropriate.