Silver approached the detected technical objective of our yesterday's scenario as seen on the provided daily chart. The bounce from 16.85 to the current levels couldn't change the bearish harmonic effect as the PRZ' potential reversal zones' hadn't been breached yet but we need a decisive breakout below 17.30 to confirm the potential bearish overview over intraday basis.
Gold declined sharply yesterday and it was very close to our yesterday's projected objective at 1102.00. The Elliott studies over short term basis shows that, the rebound from 1108.00 was needed to form the internal 4th wave for the first corrective wave 'A'. Thus; we believe that, these inclines from 1108.00 to the current level will ease the path to achieve a new descending wave to complete the correction. Consequently, potential downside movements could be seen over intraday basis.
