Morning Report

The Fibonacci level of 127%, which we considered as the potential reversal zones for the bearish harmonic AB=CD pattern caused a clear negative crossover on Stochastic. So the bearishness is still in favor over intraday basis and a break of 18.80 could accelerate today's suggested negative wave.

The trading range for today is among the key support at 18.40 and key resistance now at 19.55.

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 18.95 targeting 18.35 and stop loss above 19.45 might be appropriate.