Morning report

Silver is trapped between 17.00 and 17.50 for the third consecutive day, but still moving below the broken uptrend line, seen on the daily chart. These movements are to be seen as corrective actions for the aggressive downside movements that started from 19.40 zones-potential reversal zone for a harmonic AB=CD. Thereby, potential downside rally resumption over intraday basis might start from the broken support levels of 17.50-17.60.

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 17.50 targeting 16.75 and stop loss above 18.10 might be appropriate.