Morning Report

As discussed earlier, breaching the initial support levels of 16.10 has paved the path for achieving panic sell-off actions that has confirmed our suggested Elliott sequence. Therefore, additional downside movements could be seen over intraday basis to complete the sequence; targeting 15.35-15.25 zones. The breakout below the lower line of our short term bullish channel, whichadded more negative pressure on the metal.

The trading range for today is among the key support at 15.00 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.

Weekly Report Previous Report

Support15.7215.6515.5515.4015.35
Resistance15.8515.9015.9516.0016.10
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.