Morning Report

Respecting the awaited correctional movements, silver is currently approaching 38.2% Fibonacci correctional level of the last declines from the recorded peak of 18.57 to 17.45 at 17.90, where the suggested B wave might be placed. Thus; potential downside movements could be seen over intraday basis in orderto complete the Elliott sequence.

The trading range for today is among the key support at 17.45 and key resistance now at 18.40.

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 ReportSupport17.7217.6517.5517.4017.35Resistance17.8517.9518.0518.1518.25RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.90 targeting 17.35 and stop loss above 18.40 might be appropriate.