Silver declined aggressively yesterday, recording a low at the detected technical objective of yesterday's reports as seen on the provided daily chart. Now, coming beneath the broken support line of 17.60 and also below SMA 50-colored in red- argue us to say; further bearishness could be witnessed over intraday basis, supported by the bearish candlesticks structure and negative signs appearing on AROON indicators. The new awaited technical targets reside around 16.90, followed by 16.70 zones.
The trading range for today is among the key support at 16.90 and key resistance now at 18.15.
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 ReportSupport17.4517.3517.2517.1817.05Resistance17.5516.6017.7017.7717.85RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.55 targeting 16.90 and stop loss above 18.05 might be appropriate.