Morning Report

Silver declined sharply, activating yesterday's captured bearish harmonic AB=CD pattern that took the price towards the detected technical objective at 15.85 as seen on the provided four-hour chart. Additional bearish actions could be witnessed over intraday basis towards the second technical target of the aforesaid pattern at 15.35, particularly if the metal has breached the uptrend line -colored in blue-. Note that, momentum indicators are approaching the oversold areas and that might cause some kind of fluctuated movements.

The trading range for today is among the key support at 14.80 and key resistance now at 16.40.

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 15.85 targeting 15.35 and stop loss above 16.25 might be appropriate.