Morning Report

The secondary image shows the bearish candlestick formations, which have been formed during the past trading days. Theses structures confirm the negative pressure of our caught bearish classical pattern that took the metal to yesterday's suggested technical objective at 17.70 zones. More bearishness could be seen over intraday basis, targeting to attack the neckline around 17.65-17.60 zones first before resuming its descending rally. SMA 50 adds further confirmation to the scenario.

The trading range for today is among the key support at 17.30 and key resistance now at 18.45.

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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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling silver around 17.90 targeting 17.30 and stop loss above 18.35 might be appropriate.