Morning Report

It seems as if the fifth wave of our captured short term Elliott IM structure has been completed as seen on the provided four-hour chart and now, potential downside movements are to start over intraday basis in order to activate the A-B-C corrective formation. The candlesticks formations alongside the bearish signs appearing on indicators support our scenario. A break of the pivotal support areas of 18.05 is needed to confirm the count.

The trading range for today is among the key support at 17.65 and key resistance now at 18.75.

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

Support18.0017.9017.8517.8017.72
Resistance18.1518.2518.3518.4018.50
RecommendationBased on the charts and explanations above our opinion is, selling silver with a breakout below 18.05 targeting 17.55 and stop loss above 18.50 might be appropriate.