Since the opening of this week, silver couldn't show any aggressive movements and thus; the chances of activating the corrective structure A-B-C of our suggested Elliott sequence that started at 8.50 zones still exist. Stochastic and AROON are still showing bearish signs, supporting the proposed bearishness over intraday and even short term basis.
The trading range for today is among the key support at 17.90 and key resistance now at 19.00.
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 ReportSupport18.3518.2518.1518.0517.90Resistance18.4618.5018.5518.6018.74RecommendationBased on the charts and explanations above our opinion is, selling silver from 18.45 targeting 17.90 and stop loss above 18.90 might be appropriate.