In addition to the daily bearish harmonic AB=CD pattern, the four-hour chart shows how Stochastic is approaching the overbought areas alongside touching the resistance line of the recently established bearish channel. Therefore possible bearishness could be seen over intraday basis, particularly if it succeeded in hitting 17.05-16.95 zones.
The trading range for today is among the key support at 16.65 and key resistance now at 17.70.
The general trend over the short term basis is to the downside, targeting $ 13.60 per ounce as far as areas of 19.40 remain intact.
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|Recommendation||Based on the charts and explanations above our opinion is, selling silver from 17.20 targeting 16.70 and stop loss above 17.65 might be appropriate.|