Comex Silver (SI)
Silver rises sharply higher today and the break of 15.185 resistance confirms that whole rally from 12.435 has resumed. At this point, intraday bias remains on the upside for next target of medium term top at 16.25 first. On the downside, below 15.38 minor support will turn intraday outlook neutral and bring consolidation. But downside should be contained above 14.54 support and bring rally resumption.
In the bigger picture, the break of 15.185 resistance firstly indicates that rise from 12.435 is still in progress. Secondly, it shifts favors back to the case that rise from 8.4 is also still in progress. Retest of 16.25 resistance should be seen and break there will target 19.55 key resistance next. On the downside, break of 13.495 support is needed to indicate that rise from 12.435 has completed. Otherwise, outlook will remain bullish even in case of pull back.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart