Since touching the pivotal resistance areas of 17.25, silver started to decline sharply. The secondary image of the four-hour interval shows that, a bearish engulfing candlestick pattern has been formed. Thereby, we think that the metal is preparing for further downside movements over intraday basis, supported by the negative harmonic formation on the daily basis and the breakout below the uptrend line as we discussed earlier.
The trading range for today is among the key support at 15.75 and key resistance now at 17.85.
The general trend is to the upside as far as 12.45 remains intact with targets at 20.15.
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|Recommendation||Based on the charts and explanations above our opinion is, selling silver from 16.95 targeting 16.35 and stop loss above 17.45 might be appropriate.|