Morning Report

Silver is also building the potential reversal zone for the bearish harmonic pattern as seen on our provided four-hour chart in addition to the possibility of forming a short term double top formation. Thus; our overview will be to the downside on the intraday basis, supported by bearish signs on the momentum indicators. Areas of 18.25 should act as ceiling to keep this harmonic outlook valid.

The trading range for today is among the key support at 16.65 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.

RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.80 targeting 17.20 and stop loss above 18.30 might be appropriate