SMA 50 indicator is still negatively pressuring the metal as seen on the provided daily chart. Silver moves sideways below the broken trend line and we believe that it's preparing for a price explosion to the downside on the intraday basis, influenced by the bearish harmonicAB=CDpattern alongside the negative divergence, appearing on RSI indicator. Thus; we keep our overview to the downside as far as 17.85 areas remain intact.
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.
|Recommendation||Based 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.|
Forex Trader Library
Receive over 15 hours (8 CD's) of our best Forex trading education in one package! Containing the newest Advanced Forex CD, this education pack focuses on exactly what you need to know to become a successful Forex Trader.