The breakout below the initial support level of 18.45 has pushed the metal to reach our first suggested technical target of the bearishness obtained from the negative divergence appears on RSI 14 alongside the obvious bearish candlestick formation, seen on the four-hour chart. Silver is still influenced negatively by the Bearish harmonic AB=CD pattern. Henceforth further downside movements are to be witnessed over intraday basis, targeting 17.75 followed by 17.60 zones.
The trading range for today is among the key support at 16.75 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 18.25 targeting 17.75 and stop loss above 18.70 might be appropriate.|