Morning report

The four-hour chart shows that, the metal succeeded to form an [IM] wave from the areas of 16.00, signaling that a potential downside [A_B_C] correction is under preparation in order to complete the short term Elliott sequence. The Gap that hadn't been covered yet, supporting our suggested negative anticipation over the intraday basis while RSI (9) has entered overbought areas, supporting the overview.

The trading range for today is among the key support at 16.35 and key resistance now at 18.60.

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 17.65 targeting 17.10 and stop loss above 18.10 might be appropriate.