Silver declined, reviving that the symmetry of the move from 14.60 levels to 19.80 zones is dominated inside the bearish daily three drives pattern as seen on our provided chart. Thus; we believe that the bearishness could be seen over intraday basis, supported by the negative signs appearing on Stochastic and AROON. Technical targets of the pattern reside around 18.05-17.90 zones.
The trading range for today is among the key support at 17.90 and key resistance now at 19.35.
The general trend over the short term basis is to the upside, targeting $ 21.50 per ounce as far as areas of 16.20 remain intact.
Weekly ReportPrevious ReportSupport18.5518.4518.3018.2518.05Resistance18.7418.8018.8518.9619.15RecommendationBased on the charts and explanations above our opinion is, selling silver from 18.65 targeting 18.05 and stop loss above 19.15 might be appropriate.