Morning Report

Silver succeeded in forming a bearish harmonic AB=CD pattern, supporting the technical idea that [B] wave has been completed already and the metal is on its way to start the awaited [C] wave of our captured Elliott cycle. Henceforth, we keep our intraday outlook to the downside, supported by the overbought sign, appearing on RSI 9.

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 18.70 targeting 18.15 and stop loss above 19.10 might be appropriate.