Comex Silver (SI)
At this point, intraday bias in Silver remains on the downside with 16.41 minor resistance intact. As discussed before, whole rise from 12.435 might have completed at 17.69 already. Further fall should now be seen to 15.185 resistance turned support next. On the upside, above 16.41 minor resistance will turn intraday bias neutral first. But risk remains on the downside as long as 17.345 resistance holds. 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
