Silver is also attempting to re-test the previous broken neckline of the classical double top formation, seen on the provided daily chart. Therefore, we believe that the areas of 16.80 could be touched before resuming the negative actions over intraday basis. SMA 50 is still acting as a ceiling for the time being.
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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|Recommendation||Based on the charts and explanations above our opinion is, selling silver from 16.80 targeting 16.25 and stop loss above 17.25 might be appropriate.|