Morning Report

The previous discussed breakout below the harmonic uptrend line has taken the metal to the projected technical objective at 16.35 zones. Now, the metal is testing the broken support level of the short term basis at 16.85 , where we think that silver is to obtain the bearish momentum it needs to retarget 16.35-16.25 areas followed by 15.70 zones which represent the second technical target of the bearish harmonic AB=CD pattern. Thereby we keep our negative outlook over intraday basis.

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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RecommendationBased on the charts and explanations above our opinion is, selling silver from 16.80 targeting 16.25 and stop loss above 17.25 might be appropriate.