Comex Silver (SI)

With 13.85 minor support intact, recent rise is Silver is still expected to continue, targeting 16.00 medium term support turned resistance next. On the downside, break of 13.85 will indicate that a short term top is formed and bring consolidation. Nevertheless, downside should be contained by 11.77 resistance turned support and bring rally resumption.

In the bigger picture, sustained trading above 13.88 cluster resistance (50% retracement of 19.55 to 8.4 at 13.975) indicates that whole down trend from 21.44 has completed at 8.4. Focus now turns to next resistance at 16, with medium term falling trend line at 16.12 and 61.8% retracement of 21.44 to 8.4 at 16.45. Sustained break will argue that long term up trend is resuming and should target 21.44 high next. On the downside, break of 11.77 support is needed to be the first signal that rise from 8.4 has completed. Otherwise, outlook will remain bullish.

Comex Silver Continuous Contract 4 Hours Chart

Comex Silver Continuous Contract Daily Chart