A negative divergence has been formed on the four-hour interval, accompanied by bearish candlesticks formations, signaling that the metal is seeking for PRZ for the bearish harmonic AB=CD pattern. Thus; possible downside movements could be seen over intraday basis. AROON also supports our negative scenario.
The trading range for today is among the key support at 18.15 and key resistance now at 19.25.
The general trend over the short term basis is to the downside, targeting $ 13.60 per ounce as far as areas of 19.40 remain intact.
Weekly Report Previous Report
Support 18.60 18.55 18.45 18.35 18.25
Resistance 18.74 18.80 18.85 18.96 19.00
Recommendation Based on the charts and explanations above our opinion is, selling silver from 18.75 targeting 18.15 and stop loss above 19.25 might be appropriate.
