Comex Silver (SI)
With 4 hours MACD crossed below signal line, an intraday top is in place and some consolidation could be seen. Nevertheless, pull back is expected to be contained above 16.785 support and bring rally resumption. Current rise from 15.76 should extend further to 61.8% projection of 13.495 to 17.69 from 15.76 at 18.35 next. However, break of 16.785 support will argue that a short term top is at least formed and will flip intraday bias back to the downside for 15.76 support first.
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
