Morning report

Silver has approached the technical target of Friday's report at 16.75, where correctional movements started but still moving below the broken uptrend line, seen on the daily chart. These movements are to be seen as corrective actions for the consecutive downside movements that have started from 19.40 zones - potential reversal zone for a bearishharmonicAB=CD. Thereby,potential downside rally resumption over intraday basis, while the pivotal resistance areas of 17.85 should act as a ceiling today to keep this negative scenario valid.

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 17.35 targeting 16.75 and stop loss above 17.85 might be appropriate

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