Morning Report

Silver is currently retesting the previous broken uptrend line from below. Thus; we also think that yesterday's slight upside movements are to be seen as a normal correction and profit taking after the aggressive downside movements during the previous period. Therefore it might start resuming the bearish direction over intraday basis. This anticipation is valid as far as 17.75 zones remain intact.

The trading range for today is among the key support at 15.90 and key resistance now at 17.95.

The general trend is to the upside as far as 12.45 remains intact with targets at 20.15.

Eye on silver-click here-.

Support17.1817.0517.0016.9016.85
Resistance17.2517.3517.4717.5417.60
RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.25 targeting 16.65 and stop loss above 17.75 might be appropriate.