Comex Silver (SI)
Silver’s rebound from 15.74 is still in progress and further rise could be seen. But still, risk remains on the downside as long as 17.345 minor resistance holds. Below 16.22 minor support will argue that fall from 17.69 is resuming for 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