Classically speaking, the metal's price created a range trading areas as it couldn't maintain levels above the pivotal resistance areas between 19.25 and 19.45 as seen on the provided daily chart. Not only that but new features for a recent descending channel has also appeared. Thus; it might show additional downside movements over intraday basis, particularly if it succeeded to breach 23.6% Fibonacci level once more. Indicators started to show negative signs that confirm our suggested overview.
The trading range for today is among the key support at 17.90 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
Support18.5518.4518.3018.1518.05Resistance18.7418.8018.8518.9619.10RecommendationBased 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.