Silver declined towards the suggested target at 17.85 and till now is seemingly affected by the harmonic formation which has taken a Three Drives bearish pattern. Stochastic is still pointing south and ADX reflected a strong drop in the bullish strength. Breaching the support for the upside wave at 17.75 might accelerate the downside move to retest 17.45. Though, breaching the latter will extend the bearishness by the activation of a classic pattern. Accordingly,we expect a bearish move for silver today.
The trading range for today is among the key support at 17.00 and the key resistance at 18.74.
The general trend over short term basis is to theupside, targeting 21.50 per ounce as far as areas of 16.20 remain intact.Support17.8517.7017.5717.4517.32Resistance18.0518.2518.3018.4518.55RecommendationBased on the charts and explanations above, our opinion is selling silver from 18.05 to 17.45 and stop loss above 18.45 might be appropriate.