Morning Report

Classically speaking, the metal is moving within an ideal descending channel as seen on the provided four-hour chart. Facing cluster resistance levels consisting of the upper line of the aforesaid channel and the previous support areas turned into resistance at 16.65 might force it to move to downside over intraday basis. Indicators support the negative overview.

The trading range for today is among the key support at 15.50 and key resistance now at 17.60.

The general trend is to the upside as far as 12.45 remains intact with targets at 20.15.

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Support16.5316.4516.3516.3016.25
Resistance16.6516.7216.7716.8516.90
RecommendationBased on the charts and explanations above our opinion is, selling silver from 16.65 targeting 16.00 and stop loss above 17.10 might be appropriate.