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The classic pattern is now more bearish, as we can see a descending triangle within which a head and shoulders patterned formed. Stochastic is still moving to the downside and MACD is trading negatively below the yellow line. Those classic signals support a bearish intraday move for silver today. We might see some fluctuation and volatility with upside correctional moves yet it's only to gain downside momentum to continue the bearishness. Our expectations remain valid as far as daily closing is below 18.32.
The trading range for today is among the key support at 16.85 and the key resistance at 18.32.
The general trend over short term basis is to theupsidetargeting 21.50 as far as areas of 16.20 remain intact.
Weekly ReportSupport17.6017.5817.5417.4917.43Resistance17.7617.8017.9018.0018.05RecommendationBased on the charts and explanations above our opinion is selling silver around 17.80 targeting 16.85 and stop loss above 18.05 might be appropriate this week