Morning Report

It seems that, the previous discussed upside correction was limited around the key levels of 18.05 as the metal couldn't reach 38.2% Fibonacci level for the last declines. SMA 50 stopped this recovery and thus; the bearishness of the bearish harmonic three drives patternmight to be resumed over intraday basis, supported by the negative sign appearing on AROON.

The trading range for today is among the key support at 17.25 and key resistance now at 18.55.

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 ReportSupport17.7217.6517.5517.4017.25Resistance17.8517.9518.0018.0518.25RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.85 targeting 17.25 and stop loss above 18.30 might be appropriate.