Morning Report

Silver also has collapsed downwards sharply as we still see how EMA 50-colored in red- is preventing the metal from achieving any bullishness as seen on the daily chart. The negative effect obtained from the bearish harmonic pattern [AB=CD] alongside yesterday's bearish engulfing candlestick pattern argues us to keep our intraday outlook to the downside, targeting 16.60 zones.

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.

Support17.1817.0516.9516.9016.80
Resistance17.3017.3517.4717.5417.60
RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.30 targeting 16.60 and stop loss above 17.85 might be appropriate.