Morning Report

Silver is also moving slowly within a narrow range, controlled inside the bearish momentum channel; therefore, we keep our outlook to the downside over intraday basisas the bigger daily picture is bearish based on the negative harmonic AB=CD pattern which is targeting 16.25 zones.

The trading range for today is among the key support at 15.90 and key resistance now at 18.35.

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

 
Support17.3517.2517.1817.0517.00
 
Resistance17.4517.5417.6017.6517.72
 
RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.55 targeting 16.90 and stop loss above 18.05 might be appropriate.
 

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