Morning Report

The bullishness of the IM formation might have been ended around 18.15 zones as the metal has formed a bearish candlestick pattern as seen on our provided four-hour chart. Thus;potential downside actions could be witnessed over intraday basis, supported by negative signs appearing on indicators.

The trading range for today is among the key support at 17.25 and key resistance now at 18.50.

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 18.00 targeting 17.40 and stop loss above 18.50 might be appropriate.