Morning Report

Silver slipped, breaching the short and medium term uptrend line as seen on the provided daily chart. The negative overlapping for (SMA50 and SMA100) is to confirm that, the bearishness will continue over short term basis. To recap, the bearish harmonic effect is still in favor and potential downside actions might be witnessed over intraday basis.

The trading range for today is among the key support at 14.05 and key resistance now at 16.25.

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 15.40 targeting 14.70 and stop loss above 15.95 might be appropriate.