Morning report

Silver declined sharply, forming a clear bearish candlestick pattern on the daily interval. Thus, we believe that the potential reversal zone of the bearish harmonic AB=CD is currently underway, supported by the negative divergence,appearing on the RSI 14 and AROON negative signal. Consequently, the intraday overview is to the downside.

The trading range for today is among the key support at 17.65 and key resistance now at 19.80.

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

RecommendationBased on the charts and explanations above our opinion is, selling silver from 18.85 targeting 18.15 and stop loss above 19.40 might be appropriate.