Morning Report

Silver slipped sharply from the extended PRZ potential reversal zones of our bearish harmonic AB=CD pattern. The candlestick structure alongside negative crossover appearing on momentum indicator argues us to say that, more negative actions might come over intraday basis. The technical target of the pattern reside around 16.40-16.35 zones.

The trading range for today is among the key support at 16.25 and key resistance now at 17.60.

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 16.95 targeting 16.35 and stop loss above 17.40 might be appropriate.