Morning report

A secondary bearish harmonic structure has been capable of forcing silver to enter the recently constructed descending channel of the bigger bearish harmonic AB=CD pattern as seen on our provided four-hour chart , suggesting that the negative pressure is to continue over the intraday basis. A break of 17.45 will accelerate this negative scenario towards 16.90 zones and may extend further towards 16.40 areas.

The trading range for today is among the key support at 16.45 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 17.70 targeting 17.10 and stop loss above 18.20 might be appropriate.