Morning Report

The metal has been also trapped within a very tight range while pressured by the pivotal resistance areas of 17.90. Therefore, we keep the harmonic bearish overview over the intraday basis. We can't ignore the possibility of forming a short term double top formation, but first the 17.50 area should be breached to confirm this classical speculation in order to play the role of neckline for the pattern.

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.

Support17.6517.5217.4317.3517.28
Resistance17.8017.8918.0018.1018.25
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