Morning Report

Despite the general upside wave, we see that silver is consolidating below 17.90 which might pressure the metal into temporary downside correctional moves. The bearish correction might be highly volatile as it’s now facing 38.2% correction and by that the silver might be drive to the upside again in search for further bearish pressures to reverse to the downside. The downside potential remains valid for today as far as trading remains below the last recorded top at 18.05.

The trading range for today is among the key support at 16.65 and key resistance now at 18.60.

The general trend is to the upside as far as 12.45 remains intact with targets at 19.40.

RecommendationBased on the charts and explanations above our opinion is selling silver from 17.55 targeting 17.00 and stop loss above 17.70 might be appropriate