Morning Report

Silver collapsed downwards yesterday, approaching the detected technical target of yesterday's expected negative scenario. The metal has found a solid support around the psychological levels of 15.00 that took it to re-test the same cluster resistance areas of 15.45. The entire movements between up and downs are still trapped below the broken uptrend line of the medium term basis. Thus; we believe that, an aggressive bearish wave might be under preparation, supported by the negative pressure obtained from the negative harmonic AB=CD pattern.

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.