Silver has slightly passed over 161.8% Fibonacci level of XA leg for the harmonic bearish pattern but a negative divergence is under preparation that may activate the potential reversal zone of the mentioned pattern. We notice that its losing the momentum gradually as seen on the momentum indicators. Hence a downside movement is highly anticipated over the intraday basis. A clear break of 16.85 will alter the direction to the upside, targeting 17.90 zones.
The trading range for today is among the key support at 14.75 and key resistance now at 16.85.
The general trend is to the upside as far as 10.95 remains intact with targets at 17.90.
|Recommendation||Based on the charts and explanations above our opinion is, selling silver from 16.50 targeting 16.00 and stop loss above 16.90 might be appropriate.|