Morning Report

Silver succeeded to passover 161.8% Fibonacci level of the BC leg for our detected bearish harmonic AB=CD pattern, seen on the provided four-hour chart, opening the door up to reach the extreme potential reversal zones of the pattern at 16.35. From there, descending actions might be witnessed over intraday basis, supported by the negative signs appearing on indicators.

The trading range for today is among the key support at 15.30 and key resistance now at 16.90.

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

Weekly Report Previous Report

Support16.1516.0515.9015.8515.77
Resistance16.3016.3516.4016.5516.65
RecommendationBased on the charts and explanations above our opinion is, selling silver from 16.35 targeting 15.85 and stop loss above 16.65 might be appropriate.