Silver Technical Precious Metals (2009-12-21)

The continuous closing below the previous broken uptrend line-colored in blue- alongside negative closing below EMA 50 argue us to say that, the negative pressure obtained form the bearish harmonic AB=CD pattern, seen on the daily chart. Therefore we keep our intraday outlook to the downside, supported by the bearish candlesticks structure-secondary image-. Note that, a breakout below 17.18 is to accelerate this highly anticipated bearishness.

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.Support17.1517.1817.0516.9516.90Resistance17.4717.5417.6017.6517.72RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.40 targeting 16.65 and stop loss above 17.95 might be appropriate.