The fluctuation continues around the pivotal Fibonacci level of 38.2% for the rally from 14.60 to 19.80 as seen on the provided daily chart. Thereby, we hold onto our bearish predications over intraday basis, depending on yesterday's closing below the aforesaid levels and the negative pressure of SMA 50, which acts as a ceiling for the time being. We recommend reviewing Eye On Silver report for more details about the suggested Elliott count over the four-hour interval.
The trading range for today is among the key support at16.90 and key resistance now at 18.45.
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.
Eye On SilverSupport17.7217.6517.6017.5517.48Resistance17.9017.9518.0518.1518.25RecommendationBased on the charts and explanations above our opinion is, selling silver around 17.90 targeting 17.30 and stop loss above 18.40 might be appropriate.