Silver is still moving within the same trading range since yesterday between 18.00 and 18.25 zones. Thus; the suggested bearish classical pattern, which we discussed in our weekly report, is still in favor and consequently, possible negative actions could be witnessed over intraday basis. The secondary image of MACD traditional indicator shows a bearish sign that confirms our scenario. A break of the Fibonacci level of 38.2% at 17.80 could trigger panic negative pressure.
The trading range for today is among the key support at 17.40 and key resistance now at 18.75.
The general trend over the short term basis is to the upside, targeting $ 21.50 per ounce as far as areas of 16.20 remain intact.
Weekly Report Previous Report
Support 18.05 17.90 17.80 17.60 17.50
Resistance 18.25 18.30 18.35 18.40 18.46
Recommendation Based on the charts and explanations above our opinion is, selling silver around 18.25 targeting 17.60 and stop loss above 18.65 might be appropriate.
