Morning Report

Silver is moving between the pivotal support level of 16.80 and key resistance of 17.25, accompanied by fluctuated actions. It seems that, the metal is preparing to activate the bearish harmonic scenario of the AB=CD pattern of the daily basis. AROON up-colored in green- is hitting the value of 70.00, supporting the negative overview. Thereby, potential downside actions could be witnessed over intraday basis.

The trading range for today is among the key support at 16.55 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.

Weekly Report Previous Report

Support17.0517.0016.9516.8516.77
Resistance17.1817.2517.3517.4417.55
RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.25 targeting 16.75 and stop loss above 17.65 might be appropriate.