Weekly Report (July 19 - 23)

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Silver neared the target suggested in our previous weekly report, yet failed in closing above the 50 Days MA, accompanied by negativity on Stochastic. Classically, we can see a bearish pattern over daily basis and a daily closing below 17.62 followed by a stable breach below 17.42 confirms this formation. Accordingly, we expect silver to indulge in a downside move this week, which remains valid as far as silver does not set a daily closing above the 50 MA mentioned.

The trading range for today is among the key support at 16.80 and the key resistance at 18.90.

The general trend over short term basis is to theupsidetargeting 21.50 as far as areas of 16.20 remain intact.

Previous ReportSupport17.7517.6017.5017.4217.10Resistance18.0018.1518.2518.4018.55RecommendationBased on the charts and explanations above our opinion is selling silver around 17.95 targeting 17.10 and stop loss above 18.55 might be appropriate this week