Morning Report

Silver slipped downwards, entering the bearish channel once more under the negative pressure obtained from the initial resistance level of 16.65. Coming beneath SMA 50-presently valued at 16.45- might bring further declines over intraday basis. Note that, momentum indicators should be relieved before resuming the downside rally.

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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RecommendationBased on the charts and explanations above our opinion is, selling silver from 16.45 targeting 15.85 and stop loss above 16.95 might be appropriate.