Morning report

The panic sell-off actions occurred yesterday has taken the metal towards the detected objective of our yesterday's analysis at 17.65. We believe that, the negative pressure of the daily bearish harmonic AB=CD pattern is to continue, clearing the path for additional bearishness that's targeting the areas of 16.90. Thereby, we keep our overview to the downside on intraday basis, supported by the negative signs appearing on RSI14 and AROON indicators.

The trading range for today is among the key support at 16.25 and key resistance now at 18.95.

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 17.70 targeting 17.00 and stop loss above 18.30 might be appropriate.