Morning Report

Silver is moving between the key support levels of 17.05 and the initial resistance levels around 17.35 as seen on the four-hour chart. Therefore we still believe that the bearish harmonic pattern that took the AB=CD shape is still forming its own reversal zones and potential bearishness could be seen over intraday basis. A break of 17.05 will be able to ease the way towards the technical target.

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.

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RecommendationBased 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.