Morning Report

The metal moved ideally according to yesterdays' discussed bearish harmonic Gartley pattern that took it to decline sharply as seen on the provided four-hour chart. Now, we see that silver might re-test the upper line of the recently established descending channel before resuming the potential downsidedirection over intraday basis, which is mainly targeting the initial support level of 16.80 zones.

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.

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RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.40 targeting 16.85 and stop loss above 17.85 might be appropriate.