Morning report

Silver is moving between 61.8% and 76.4% Fibonacci levels of CD leg of the harmonica [Bat] pattern as seen on the provided daily chart. A pullback is needed before resuming the upside rally. Hence a potential downside corrective action is still in favor on the intraday basis based on the bearish harmonic formation appears on the secondary four-hour chart, supported by negative sign of OsMA.

The trading range for today is among the key support at 16.25 and key resistance now at 18.45.

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 17.50 targeting 16.95 and stop loss above 17.95 might be appropriate.