Comex Silver (SI)
Silver’s break of 17.69 resistance confirms that whole rise from 12.345 has resumed. At this point, intraday bias will remain on the upside and further rise should be seen to 61.8% projection of 13.495 to 17.69 from 15.76 at 18.35 next. On the downside, below 17.30 minor support will turn intraday outlook neutral and bring consolidation. But downside should be contained above 16.785 resistance turned support and bring rally resumption.
In the bigger picture, whole medium term rise from 8.4 is still in progress and should extend further towards 19.55 resistance next. However, note that 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 15.76 support will be the first sign of topping. Further break of 12.435 will confirm that rise from 8.4 is finished.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart
