Morning Report

The secondary image of the four-hour interval shows how the pivotal resistance levels around 18.60 prevented the metal from achieving additional upside movements. The candlesticks formation is bearish enough to make us expect potential downside actions over intraday basis, supported by the bearish classical pattern of the daily basis. A break of 18.25 is needed to confirm this scenario.

The trading range for today is among the key support at 17.75 and key resistance now at 18.90.

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.

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RecommendationBased on the charts and explanations above our opinion is, selling silver with a breakout below 18.25 targeting 17.75 and stop loss above 18.65 might be appropriate.