Rhythmic Fibonacci projections have taken the metal to approach our detected technical target at 18.70 zones. Theses actions have been able to form a bearish three drives pattern, where it faces 50% Fibonacci for the last drop from 19.80 to 17.40. Therefore, potential downside movements could be seen over intraday basis, supported by momentum and trend indicators' negative signs.
The trading range for today is among the key support at17.80 and key resistance now at 19.00.
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 ReportSupport18.3518.3018.2518.1518.05Resistance18.5518.6018.6518.7418.85RecommendationBased on the charts and explanations above our opinion is, selling silver from 18.45 targeting 17.90 and stop loss below 18.90 might be appropriate.