Morning Report

Nine cents separated between the recorded low of yesterday and the suggested technical objective at 17.70 as seen on the provided chart. Now, the stable move below 161.8% Fibonacci level for the BC leg of the harmonic formation could add more negative pressure and thus; possible bearishness could be witnessed over intraday basis, retargeting 17.70-17.65 zones.

The trading range for today is among the key support at 17.65 and key resistance now at 18.90.

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 ReportSupport18.0518.0017.9017.8517.80Resistance18.1518.2518.3518.4618.55RecommendationBased on the charts and explanations above our opinion is, selling silver from 18.25 targeting 17.70 and stop loss above 18.65 might be appropriate.