Morning report

Moving below the key resistance level of 23.6% Fibonacci level of our suggested CD leg shows that, the negative pressure of the bearish harmonic AB=CD pattern is still in favor and the metal is retargeting 17.70 zones once more, supported by the negative candlesticks structure, while RSI 9 is turning lower. Therefore potential bearish scenario is to be seen over intraday basis as far as 18.95 areas remain intact.

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.

RecommendationBased on the charts and explanations above our opinion is, selling silver from 18.45 targeting 17.80 and stop loss above 18.95 might be appropriate.