Morning Report

Sharp declines, took the metal below 161.8% Fibonacci level of the BC leg for the suggested bearish harmonic AB=CD pattern. Thereby, potential downside movements could be witnessed today, supported by the bearish candlestick, formed yesterday and the negative signs appearing on indicators.

The trading range for today is among the key support at 17.60 and key resistance now at 18.60.

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 18.15 targeting 17.60 and stop loss above 18.60 might be appropriate.