Silver couldn't maintain levels above the initial resistance levels of 18.45 where it declined sharply affected by facing the upper line of the caught bullish channel, proving the solidity of these levels. Now, Stochastic might cause some kind of fluctuation but we believe that the aforesaid upper line of the channel could force it to show possible bearishness over intraday basis. Don't forget that, a break of 18.15 could send the metal downwards quickly, targeting 17.80 zones.
The trading range for today is among the key support at 17.65 and key resistance now at 18.95.
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 ReportSupport18.2518.1518.0518.0017.90Resistance18.3518.4018.4618.5518.65RecommendationBased on the charts and explanations above our opinion is, selling silver around 18.35 targeting 17.75 and stop loss above 18.80 might be appropriate.