Morning Report

The bearishness continued without any sign of reversal, opening the door up for additional downside movement, as the bearish AB=CD pattern is still in favor. The technical target resides now at 15.70 zones, while areas of 16.65 should act as a ceiling to protect this direction. AROON supports our overview.

The trading range for today is among the key support at 15.20 and key resistance now at 17.18.

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 16.25 targeting 15.70 and stop loss above 16.70 might be appropriate.