After reaching the second technical target of the bearish three drives pattern-explained in details yesterday- at 17.90 zones, the metal corrected slightly and we believe that it is currently gathering the momentum it needs in order to achieve more bearishness over intraday basis towards the extreme targets of the mentioned pattern around 17.40 zones. Indicators are still giving negative signs, adding further confirmation for this possible bearishness.
The trading range for today is among the key support at 17.40 and key resistance now at 18.90.
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 Report Previous ReportSupport18.1518.0517.9017.8017.65Resistance18.3018.4618.5518.6018.74RecommendationBased on the charts and explanations above our opinion is, selling silver from 18.30 targeting 17.65 and stop loss above 18.85 might be appropriate.