Morning report

The minor bearish harmonic [Bat] pattern is still negatively pressuring the price while the strength of 61.8% Fibonacci level has forced it to form bearish candlesticks structure as seen on the above four-hour char claiming that, silver is on its way towards the second technical target of the pattern around 16.90. A break of which will lead us towards 16.45 zones. Stochastic negative crossover supports the bearish overview for today.

The trading range for today is among the key support at 16.45 and key resistance now at 18.50.

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 17.60 targeting 17.00 and stop loss above 18.10 might be appropriate.