Morning report

Following gold, the metal inclined, approaching the key resistance level of 76.4% Fibonacci level at 16.85 -previous support- , but we still do believe that the negative effect of the bearish harmonic AB=CD pattern is to start on the intraday basis from the aforesaid areas which meets the broken uptrend line of momentum indication, targeting 15.70 areas over the short term basis. Hence we keep our overview to the downside on the intraday basis.

The trading range for today is among the key support at 15.70 and key resistance now at 17.90.

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

Support16.6016.5316.4516.3516.30
Resistance16.7216.7716.8316.9016.96
RecommendationBased on the charts and explanations above our opinion is, selling silver from 16.80 targeting 16.20 and stop loss above 17.30 might be appropriate.