Morning Report

Silver also has breached the neckline of the double top formation and succeeded in breaching the uptrend line of the movements from 14.60 to 17.60. Therefore more negative actions might be witnessed over intraday basis under the negative pressure of SMA 50 and bearish signs on indicators.

The trading range for today is among the key support at 14.90 and key resistance now at 17.40.

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 16.65 targeting 16.00 and stop loss above 17.15 might be appropriate.