Silver succeeded in reaching the detected technical objectives not for yesterday's report only, but it reached the technical target of the weekly report. The bearishness that dominated yesterday's trading has been able to form a clear bearish engulfing candlestick pattern as seen on the provided daily chart. Now, the negative effect of this candle alongside the bearish harmonic AB=CD pattern could force the metal to achieve additional negative movements over intraday basis. AROON and RSI 14 support our scenario, which basically targeting 17.05-16.90 zones.
The trading range for today is among the key support at 16.90 and key resistance now at 18.35.
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 ReportSupport17.5517.4817.3517.2517.18Resistance17.7017.7717.8017.8517.90RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.70 targeting 17.05 and stop loss above 18.35 might be appropriate.