Morning Report

An ideal bearish harmonic Gartley pattern has been caught on the four-hour chart with AB retracement of 61.8%fromXA leg. Thus; we believe that the metal might move downwards over intraday basis, supported by the bearish candlesticks formation and the negative signs appearing on RSI and AROON indicators.

The trading range for today is among the key support at 16.80 and key resistance now at 18.25.

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.

Weekly ReportPrevious Report

Support17.3517.2517.1817.0517.00
Resistance17.4817.5517.6517.7017.85
RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.45 targeting 16.85 and stop loss above 17.95 might be appropriate