Morning report

Silver also has recorded a temporarily low at 17.07, which was very near to our yesterday's report detected technical target-check it here-. Now, SMA 50 is negatively pressuring the metal, while it's already moving below the minor uptrend line of the CD leg for the bearish harmonic AB=CD pattern over the daily interval. Thereby, we believe that further bearishness is to be witnessed over intraday basis, supported by the negative signs appearing on RSI14 and AROON indicators.

The trading range for today is among the key support at 15.90 and key resistance now at 18.45.

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 17.40 targeting 16.60 and stop loss above 18.05 might be appropriate.