The previous discussed scenario of the bearish harmonic three drives pattern on the daily basis is still in favor, while silver is trapped within a descending channel as seen on our provided chart. Stochastic might force the metal to show potential downside actions over intraday basis. A break of 18.30 could accelerate this expected negative scenario.
The trading range for today is among the key support at 17.90 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 ReportSupport18.3518.2518.1518.0518.00Resistance18.5518.6318.7418.8018.85RecommendationBased on the charts and explanations above our opinion is, selling silver from 18.55 targeting 18.00 and stop loss above 19.00 might be appropriate.