Midday Report

Silver has declined sharply, testing the key support level at 16.30 as we mentioned in our technical messages. The bearish harmonic structure is expected to affect the metal negatively while indicators are adjusting downwards, in particular CCI and RSI-MA. Hence, our intraday outlook will be kept to the downside.

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