Morning Report

The negative candlestick formation around the pivotal resistance areas of 15.40 is to declare that, yesterday's anticipated mild correction has been completed and silver is preparing to achieve the CD leg of the harmonic formation. SMA 50-valued at 15.85- is acting as a ceiling that might protect the potential bearish overview over intraday basis.

The trading range for today is among the key support at 14.15 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 14.80 and stop loss above 15.85 might be appropriate.