Silver succeeded in forming a negative divergence on Stochastic as seen on the provided four-hour chart, reviving that the pivotal resistance of 18.40 zones are strong enough to force it to move to the downside. The bearish channel which dominates the movements of Stochastic could also add further negative pressure on the metal. Thus; we still believe that possible bearishness could be witnessed over intraday basis. Note that, the candlesticks formation supports our overview.
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 ReportSupport18.1518.0518.0017.9017.80Resistance18.3018.3518.4018.4618.55RecommendationBased on the charts and explanations above our opinion is, selling silver around 18.30 targeting 17.75 and stop loss above 18.75 might be appropriate.