Yesterday's bearish candlestick pattern has taken the metal to maintain levels below the pivotal support levels of 18.30 as seen on the secondary image. The technical indicators are still neutral and they need more negative actions to show clearer signs, but the allover bearish classical structure encourages us to keep the suggested bearish outlook over intraday basis unchanged.
The trading range for today is among the key support at 17.40 and key resistance now at 19.10.
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 ReportSupport18.1518.0818.0017.9017.80Resistance18.3018.3518.4618.5518.65RecommendationBased on the charts and explanations above our opinion is, selling silver around 18.30 targeting 17.75 and stop loss above 18.75 might be appropriate.