Comex Silver (SI)
While upside momentum is diminishing a bit, intraday bias in silver remains on the upside with 14.525 minor support intact. Further rise could still be seen to 15.185 resistance. Break there will confirm that whole rally from 12.435 has resumed for at least a retest on medium term top at 16.25. On the downside, below 14.525 will turn intraday outlook neutral first and bring consolidation but another rise would still be in favor as long as 14.04 support holds. However,break of 14.04 will indicate that rebound from 13.495 has completed and will turn focus back to this support level.
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
