Morning Report

A bearish harmonic structure is about to be completed as seen on the provided four-hour chart. We see how the metal is approaching 161.8% Fibonacci level of XA leg, while the indicators are showing negative signs. Thereby, possible descending movements could be witnessed over intraday basis but a break of 17.25 is needed to make sure that, the pattern has found its PRZ.

The trading range for today is among the key support at 16.60 and key resistance now at 17.90.

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.

Weekly Report Previous Report

Support17.2517.1817.0517.0016.90
Resistance17.4017.4817.5517.6517.70
RecommendationBased on the charts and explanations above our opinion is, selling silver with a breakout below 17.25 targeting 16.65 and stop loss above 17.65 might be appropriate.