Morning Report

Silver also reached the first objective of the overall short term Elliott sequence bearish scenario at 17.15. Now, this potential support which represents the neckline of our captured classical head and shoulders pattern is to force the metal to correct mildly upwards before being breached. Hence, we believe that an intraday upside correction is underway towards 17.50-17.60 zones before resuming the short term Elliott sequence. RSI 9 supports this 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.

Support17.1517.0516.9516.9016.85
Resistance17.2817.3517.4717.5417.60
RecommendationBased on the charts and explanations above our opinion is, buying silver from 17.20 targeting 17.60 and stop loss below 16.85 might be appropriate