Morning Report

The metal is still moving below SMA 50-colored in red-. It was clear that, it couldn't maintain levels above the key resistance level of 18.05 yesterday. Thus; possible downside actions could be seen over intraday basis, particularly if it succeeded to penetrate the support levels of 17.80.

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 ReportSupport17.8017.7217.6517.5517.40Resistance18.0018.0518.1518.2518.35RecommendationBased 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.