Morning report

Silver couldn't make a daily closing above 76.4% Fibonacci level of the downside rally from 19.50 to 8.50 areas as seen on the above daily chart. The bearish harmonic structure affects the metal negatively while indicators are adjusting downwards, in particular CCI and RSI-MA. Hence our intraday outlook will be 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.

Support16.4016.3316.2516.1616.05
Resistance16.5516.6216.7516.8517.00
RecommendationBased on the charts and explanations above our opinion is, selling silver from 16.55 targeting 16.00 and stop loss above 17.00 might be appropriate.