Morning Report

Silver approached the detected technical objective of our yesterday's scenario as seen on the provided daily chart. The bounce from 16.85 to the current levels couldn't change the bearish harmonic effect as the PRZ potential reversal zones hadn't been breached yet but we need a decisive breakout below 17.30 to confirm the potential bearish overview over intraday basis.

The trading range for today is among the key support at 16.65 and key resistance now at 17.90.

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

Weekly Report Previous Report

RecommendationBased on the charts and explanations above our opinion is, selling silver with a breakout below 17.30 targeting 16.70 and stop loss above 17.70 might be appropriate.