Once silver breached SMA 50, the path was cleared for achieving a violent downside move towards the proposed technical target of yesterday's report at 17.80 easily as seen on the provided daily chart. Yesterday's long black candlestick pattern could assist the metal to breach the lower line of the trading range areas, while the bearish channel's lower line could be retested at 16.60-Fibonacci level of 61.8%-. Indicators still support the proposednegative overview.
The trading range for today is among the key support at 16.90 and key resistance now at 18.75.
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 ReportSupport17.7517.6017.5517.4017.30Resistance17.9518.1518.3018.3518.45RecommendationBased on the charts and explanations above our opinion is, selling silver around 17.90 targeting 17.10 and stop loss above 18.55 might be appropriate.