Silver started to breach the uptrend line, which carried the movements from 14.60 to 17.60 as seen on our provided chart. The double top formation is still in favor, while the Stochastic of four-hour chart shows bearish sign-secondary image. Thus; possible downside movements are to be activated with stabilizing below the neckline level, seen on the image.
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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|Recommendation||Based 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.|