Comex Silver (SI)
Silver rises further to as high as 16.31, touching prior medium term high of 16.25 before retreating mildly. At this point, intraday bias remains on the upside and further rise should still be seen. Sustained trading above 16.25 will target next key resistance at 19.55 next. On the downside, below 15.64 will indicate that an intraday top in in place and bring consolidation. But pull back should be contained well above 14.54 support and bring rally resumption.
In the bigger picture, the break of 16.25 resistance is consistent with the view that whole medium term rise from 8.4 is still in progress. Further rally could be seen towards 19.55 key resistance next. Nevertheless, we’re not seeing a clear impulsive structure from 8.4 yet and hence, we’d treat such rise as part of the long term, wide range, consolidation pattern that started at 2.144 back in Mar 08. In other words, current rise from 8.4 is expected to be limited by 19.55/21.44 resistance zone and bring at least one more medium term fall. 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
