Comex Silver (SI)
Silver’s recovery from 15.76 is still in progress and is now pressing 4 hours 55 EMA. Some more rise might still be seen but after all, risk remains on the downside as long as 17.345 resistance holds. Whole rally from 12.435 might have completed at 17.69 already. Break of 15.76 will bring deeper fall towards 15.185 resistance turned support next. However, break of 17.345 will indicate that recent rally is indeed still in progress for another high above 17.69 before completion.
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 be neutral at worst even in case of deep pullback.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart