The first technical attempt to breach the pivotal support level 17.90 succeeded to take silver towards 17.70 zones. Now, silver is gathering the momentum it needs to achieve descending actions over intraday basis toresume the C wave of the suggested Elliott count over short term basis. SMA 50 is presently pressuring it as seen on the provided four-hour chart.
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 ReportSupport17.9017.8517.8017.7217.65Resistance18.0018.0518.1518.2518.35RecommendationBased 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.