Morning report

Silver constructed a medium term bearish harmonic pattern, following gold. We notice that the potential reversal [zone D] might be in progress as the metal succeeded to form a shooting star pattern, affected by the strong resistance of 76.4% Fibonacci of the downsiderally from 19.40 to 8.40 zones. CCI and RSI-MA show overbought signs while ATR indicates decreasing volatility. Therefore we keep our intraday overview 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.

Support16.3316.2516.2016.1516.00
Resistance16.4816.5716.6516.7216.85
RecommendationBased on the charts and explanations above our opinion is, selling silver from 16.50 targeting 15.95 and stop loss above 16.95 might be appropriate.