Mid-day report

The metal has declined sharply, activating the bearish signs appearing on the chart as the extension of CD wave of our detected harmonic formation has been limited at 16.80, below the key point of 16.85. The daily chart proves bearish potential as seen on the subsidiary image. Hence, we keep our outlook to the downside for the rest of day as far as 16.85 remains intact.

The trading range for today is among the key support at 15.75 and key resistance now at 17.90.

The general trend is to the upside as far as 10.95 remains intact with targets at 17.90.

RecommendationOur mornig expectation is still valid