Silver is trapped within a tight range below 27.65, confirming the proposed Elliott count as we believe that A and B wave have been already placed and C wave is under preparation. RSI is negative, encouraging us to hold onto the bearish scenario. The breakout below the uptrend line of the four hour interval is another negative indication.
The trading range for today is among the key support at 25.85 and key resistance now at 28.60.
The general trend over the short term basis is to the downside targeting $ 22.95 per ounce as far as areas of 28.15 remain intact.
Based on the charts and explanations above our opinion is, selling around 27.55 targeting 25.85 and stop loss with a daily closing above 28.15 might be appropriate.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.