The metal declined sharply, reaching our Friday's report objective at 18.15 -Check the analysis here-. Now, we believe that, coming below the key support level of 18.55 has paved the way for additional bearishness on the intraday basis-obtained from bearish daily harmonic AB=CD-towards the second technical target of this scenario at 17.65, supported by the negative divergence appearing on the daily interval and the bearish weekly candlestick formation-secondary image.
The trading range for today is among the key support at 17.25 and key resistance now at 19.40.
The general trend is to the upside as far as 12.45 remains intact with targets at 20.15.
|Recommendation||Based on the charts and explanations above our opinion is, selling silver from 18.25 targeting 17.65 and stop loss above 18.80 might be appropriate.|