Just a few cents separated the metal from reaching the ideal point of the suggested bullish scenario which we discussed yesterday. Now, silver declined from around 261.8% Fibonacci level reviving that the bearish harmonic AB=CD pattern has been activated and more negative actions could be witnessed over intraday basis. RSI 14 supports our proposed negative scenario.
The trading range for today is among the key support at 16.25 and key resistance now at 17.85.
The general trend is to the upside as far as 12.45 remains intact with targets at 20.15.
Weekly Report Previous ReportSupport17.0517.0016.9016.8516.77Resistance17.1817.2517.4017.4817.55RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.20 targeting 16.60 and stop loss above 17.65 might be appropriate.