Morning Report

Silver is still moving between 127% and 161.8% Fibonacci levels of the suggested bearish harmonic structure's XA legas seen on our provided four-hour chart. We still need a decisive breakout below the initial support level of 17.25 in order to make sure that, the pattern is efficient enough to activate the potential bearishness over intraday basis.

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.

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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.