After touching the suggested point of resistance at 18.05, silver also slipped to the downside and we see on the secondary mage that the bearish effect of the candlesticks formation is still in progress. Thus; the allover bearish classical pattern is still in favor and so we keep our negative technical overview over intraday basis and all what is needed now is a breakout below 17.60 areas to be able to say that this bearishness will continue over short and medium term basis.
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.
|Recommendation||Based on the charts and explanations above our opinion is, selling silver around 17.95 targeting 17.40 and stop loss above 18.35 might be appropriate.|