Morning report

Silver declined sharply below 76.4% Fibonacci level as seen on the above daily chart. The consecutive negative closings below EMA 50 shows that further declines are to be seen on the intraday basis, affected by the bearish harmonic AB=CD pattern. AROON supports the negative overview.

The trading range for today is among the key support at 15.00 and key resistance now at 17.35.

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 16.45 targeting 15.90 and stop loss above 16.85 might be appropriate.