Morning report

Silver has closed negatively below 76.4% Fibonacci level yesterday as seen on the above daily chart. The -PRZ- potential reversal zone of the bearish harmonic formation is in progress and the bearishness is to start as a normal result for facing the upper line of the RSI-MA channel. 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.

Support16.5016.4216.3316.2516.15
Resistance16.6616.7516.8516.9217.00
RecommendationBased on the charts and explanations above our opinion is, selling silver from 16.65 targeting 16.00 and stop loss above 17.15 might be appropriate.