Morning Report

In the past period silver was trading similar to gold; we can also see according to the image above by the suggested numbering that silver was able to complete IM and then started a bearish correction. The bearish correction took the shape of a Double Zigzag (DZ), which can also be considered triple wave (D3); therefore, silver still has some bearish correction ahead of it. From here, we think that trading below 18.67 with four-hour closings will maintain thebearish trend over intraday basis. Signs show that breaching the mentioned level will completely change expectations.

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

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

RecommendationBased on the charts and explanations above our opinion is selling silver from 18.64 targeting 18.05 and stop loss above 18.88, might be appropriate.