Morning report

Silver is trapped below the initial resistance level of [16.80-16.85], attempting to start the fifth wave of the recently captured Elliott sequence over the short term basis, while the bearish harmonic AB=CD pattern is negatively pressuring the price to the downside. Hence we keep our overview to the downside on the intraday basis, supported by the bearish candlestick pattern appearing on the secondary image of the hourly interval.

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.

Support16.4516.3516.3016.2516.18
Resistance16.6016.7216.7716.8316.90
RecommendationBased on the charts and explanations above our opinion is, selling silver from 16.60 targeting 16.00 and stop loss above 17.10 might be appropriate