Silver closed negatively yesterday below 38.2% Fibonacci level for the wave from 14.60 to 19.80. This is the 4th daily closing below the aforesaid level and thus; we hold onto our bearish predications over intraday basis. Note that, SMA 50 acts as a ceiling for the time being while a break of the support levels of the trading range at 17.60 might accelerate this proposed negative scenario, targeting 16.60 over short term basis. 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 at 16.90 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.
Weekly Report Previous Report
Eye On SilverSupport17.7217.6517.6017.5517.48Resistance17.8517.9017.9518.0518.15RecommendationBased on the charts and explanations above our opinion is, selling silver around 17.85 targeting 17.30 and stop loss above 18.30 might be appropriate.