Respecting our suggested harmonic speculations flawlessly, the metal collapsed from the extreme Fibonacci levels of 216.8% at 19.45 zones towards yesterday's determined technical objective at 18.60, where it met the lower line of the ascending channel. Thus; a slight upside movements to overcome the oversold sign appearing on Stochastic is needed before achieving the potential bearishness over intraday basis, targeting 18.40 followed by 18.15-technical targets for the AB=CD pattern-. The secondary image of the daily chart supports our negative overview.
The trading range for today is among the key support at 18.15 and key resistance now at 19.45.
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 ReportSupport18.7018.6518.5518.4018.25Resistance18.9019.0019.1019.2519.45RecommendationBased on the charts and explanations above our opinion is, selling silver around 18.90 targeting 18.20 and stop loss above 19.45 might be appropriate.