Morning Report

Silver is still forming the right shoulder for the classical [head and shoulders top pattern], while the negative pressuresfrom the Elliott cycle completion is still in favor. Hence, we still keep the intraday overview to the downside as far as 17.95-18.05 remains intact. Note that, RSI14 is still moving downwards, supporting our outlook.

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 17.15 and stop loss above 18.05 might be appropriat