Comex Silver (SI)
Silver retreats mildly after rising to 17.69 but still intraday bias remains on the upside as long as 17.166 minor support holds. Further rise should still be seen towards next key resistance at 19.55. On the downside, below 17.166 will turn intraday outlook neutral and bring consolidation. But downside should be contained by 16.06 support and bring rally resumption. However, break of 16.06 will indicate that a short term top is formed and bring deeper pull back to 13.495/15.185 support zone.
In the bigger picture, whole medium term rise from 8.4 is still in progress and could probably continue towards next key resistance level at 19.55. 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 21.44 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 12.435 support is needed to confirm that rise from 8.4 has completed. Otherwise, medium term outlook will remain bullish even in case of deep pullback.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart
