Comex Silver (SI)
Intraday bias in Silver remains on the upside for the moment with 14.475 minor support intact. As discussed before, the break of 61.8% retracement of 15.185 to 13.495 at 14.54 indicates that fall from 15.185 to 13.495 is possibly a correction only and rise from 12.435 is still in progress. Further rise should now be seen to retest 15.185 resistance first and break will target the current medium term top at 16.25 next. On the downside, below 14.475 will bring consolidation but another rise would still be in favor as long as 14.04 support holds.
In the bigger picture, the outlook in Silver is rather mixed for the moment with main question on whether it’s topped out at 16.25 already. We’re still slightly favoring the case that silver’s medium term rebound from 8.4 has completed at 16.25 after touching 16.08 key support turned resistance, with bearish divergence condition in daily MACD. It’s also possible that silver is forming a head and shoulder top pattern too (ls: 14.635, h: 16.25, rs: 15.185?). However, a break of 13.495 near term support is at least needed first to give us more confidence on this case while break of 12.435 support will be the confirmation. However, a break above 15.185 resistance will in turn shift favors back to the case that rise from 8.4 is still in progress for another taken on 16.08/19.55 medium term resistance zone.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart