Morning Report

Silver also has formed obvious bearish candlestick pattern, supporting the technical idea of starting the descending [C] wave is under preparation. Thereby, we keep our outlook to the downside over intraday basis. A break of 18.45 will bring an aggressive negative action towards 18.15 followed by 17.85 zones.

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 18.15 and stop loss above 19.10 might be appropriate.