Comex Silver (SI)

Silver's rally resumes after brief retreat and reaches as high as 16.25 so far, meeting mentioned 16.08 target. Intraday bias remains on the upside for the moment and further rise could be seen to 100% projection of 8.4 to 14.635 from 11.725 at 17.96 next. On the downside, below 15.44 minor support will turn intraday outlook neutral first but after all, as long as lower channel support (now at 15.14) holds, recent rally should still be in progress.

In the bigger picture, with Silver staying above 55 weeks and 55 months EMA, rise from 8.4 is treated as either part of the consolidation from 21.44 or resumption of the long term up trend. Hence, current rise is expected to extend further into resistance zone at 16.05 and 19.55, with prospect of retesting 21.44 high. A break below 14.30 will bring some deeper pull back before resuming the rally. But after all, we'd hold on to the bullish view as long as 11.725 support holds.

Comex Silver Continuous Contract 4 Hours Chart

Comex Silver Continuous Contract Daily Chart