Silver closed negatively below 17.60- the proposed neckline of the previous discussed bearish technical pattern- as seen on the provided daily chart. Thus; the bearishness might dominate the movements over intraday basis as the main descending channel of the short term basis is still adding more negative pressure on the metal. SMA 50-colored in red- acts as a ceiling for the time being.
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 ReportSupport17.5517.4817.4017.3017.25Resistance17.6217.8017.8517.9517.05RecommendationBased on the charts and explanations above our opinion is, selling around 17.60 targeting 16.95 and stop loss above 18.10 might be appropriate.