Negatively pressured by the bearish crossover appeared on Stochastic and the negative sign appeared on MACD traditional indicators over four hour interval-check the previous report-, silver went sharply downwards, touching the proposed technical target of our analysis at 17.60. The metal is moving freely below 38.2% Fibonacci level of the upside rally from 14.60 to 19.80, accompanied by long black candlestick structure. Thus; the bearishness might continue over intraday basis, particularly if it succeeded in breaching 17.60 zones.
The trading range for today is among the key support at 16.80 and key resistance now at 18.30.
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 ReportSupport17.6017.5517.4817.4017.30Resistance17.7217.8017.8517.9518.05RecommendationBased on the charts and explanations above our opinion is, selling silver with a breakout below 17.60 targeting 16.95 and stop loss above 18.10 might be appropriate.