Comex Silver (SI)
With 4 hours MACD staying below signal line, intraday outlook in Silver remains neutral for the moment and some more consolidation could be seen. Nevertheless, since the break of 17.69 resistance indicate that rise from 12.435 has resumed, current retreat is expected to be contained above 16.785 and bring rally resumption. Above 17.95 will target 61.8% projection of 13.495 to 17.69 from 15.76 at 18.35 next.
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
