Morning Report

Remaining below the 50 MA at 18.48; pushed silver, once again, to descend towards the bullish direction, where we expect it to head towards support 17.93 - 17.90 again, to attempt to breach it and continue its bearish trend to retest main support at 17.15. Remaining intact below the 18.48 MA will keep the bearish direction intact; thus, making us expects a bearish direction for today over an intraday basis.

The trading range for today is among the key support at 16.75 and the key resistance at 19.40.

The general trend is to the upside as far as 12.45 remains intact with targets at 19.40 and 20.15.

RecommendationBased on the charts and explanations above our opinion is selling silver from 18.28 targeting 17.75 and stop loss above 18.57, might be appropriate.