Under the negative pressure of the bearish harmonic structure, silver has moved aggressively downwards towards the lower line of our captured bearish channel. Now, a slight correction is underway to relieve the momentum indicators before resuming the downside rally which is targeting the areas between 16.70 and 16.60 zones. A break of which will lead us towards 76.4% Fibonacci of the CD leg at 16.40.
The trading range for today is among the key support at 15.90 and key resistance now at 18.40.
The general trend is to the upside as far as 12.45 remains intact with targets at 19.40.
|Recommendation||Based on the charts and explanations above our opinion is, selling silver from 17.40 targeting 16.75 and stop loss above 17.90 might be appropriate.|