Morning Report

Silver is facing a very critical point for the time being around 17.85 zones. This level represents 127 Fibonacci level of XA leg and at the same time its 423% Fibonacci of BC leg for the bearish harmonic structure. Thus; it might be able to force it to pullback violently downwards and therefore we keep our outlook to the downside on the intraday basis, supported by the overbought sign that's appearing on RSI 9.

The trading range for today is among the key support at 16.25 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.

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.85 targeting 17.25 and stop loss above 18.20 might be appropriate.