Silverhas formed bearish harmonic AB=CD pattern on the four-hour chart. The pivotal resistance level of 261.8% Fibonacci level at 18.95 zones has forced the metal to pullback, forming negative candlesticks structure. Hence we think that, additional downside movements are to be witnessed over the intraday basis, targeting 18.15 zones followed by 17.70. RSI 14 and AROON indicators support our potential bearish overview.
The trading range for today is among the key support at 16.35 and key resistance now at 19.40.
The general trend is to the upside as far as 12.45 remains intact with targets at 19.40 followed by 20.15.
|Recommendation||Based on the charts and explanations above our opinion is, selling silver from 18.45 targeting 17.75 and stop loss above 19.05 might be appropriate.|