Morning Report

The metal is moving within a very tight range between 17.70 and 18.05, while AROON down-colored in red- has already penetrated the value of 70.00, supporting the technical idea that the C wave should start to complete the suggested Elliott sequence. Thus; possible bearishness could be seen over intraday basis.

The trading range for today is among the key support at 17.55 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.

Weekly Report Previous ReportSupport17.9017.8517.8017.7217.65Resistance18.1518.2518.3518.4018.45RecommendationBased on the charts and explanations above our opinion is, selling silver with a breakout below 17.90 targeting 17.35 and stop loss above 18.40 might be appropriate.