Morning Report

The mixture outlook between Elliott waves and harmonic studies proves that, silver is currently forming the [B] wave for the sequence that started at 16.70 zones. Henceforth the [C] wave is to start, taking the metal to the downside over intraday basis while the negative effect obtained from the captured harmonic pattern is to continue.

The trading range for today is among the key support at 17.60 and key resistance now at 19.45.

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

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RecommendationBased on the charts and explanations above our opinion is, selling silver from 18.65 targeting 18.05 and stop loss above 19.05 might be appropriate.