After reaching the suggested technical targets areas around 18.80, silver started to show clear descending actions that succeeded in forming bearish candlestick structure, accompanied by bearish harmonic formation on Stochastic. Thus; the negative effect of the bearish AB=CD pattern could continue over intraday basis as the metal is still obeying our yesterday's scenario flawlessly.
The trading range for today is among the key support at 18.00 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 Report
Support18.5518.4518.3518.3018.25Resistance18.7518.8018.8518.9619.10RecommendationBased on the charts and explanations above our opinion is, selling silver around 18.75 targeting 18.15 and stop loss above 19.25 might be appropriate.