Silver declined sharply yesterday, reaching the awaited technical objective zones around 17.40 as seen on the provided chart. Now, the path is cleared via the long black candlestick pattern, which closed below SMA 50 to achieve possible negative movements over intraday basis, supported by momentum and trend indicators. Thenext technical targets reside around 17.20 zones followed by 16.90.
The trading range for today is among the key support at 16.90 and key resistance now at 18.40.
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 ReportSupport17.6517.5517.4017.3017.20Resistance17.8017.8517.9018.0018.05RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.80 targeting 17.20 and stop loss above 18.30 might be appropriate.