Morning Report

Silver is struggling to breach the uptrend line that carried the movements from 14.60 to 17.60, where it will be able to breach the neckline of the double top formation of daily basis. Depending on this bearish classical pattern, we believe that possible bearishness is to be seen over intraday basis. AROON supports our overview.

The trading range for today is among the key support at 15.25 and key resistance now at 17.65.

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 with a breakout below 16.80 targeting 15.25 and stop loss above 17.25 might be appropriate.