Comex Silver (SI)

Silver's fall resumes after brief recovery and reaches as low as 13.435 so far. At this point, intraday bias remains on the downside as long as 13.886 minor resistance holds and further fall should be seen to medium term trend line support (now at 13.19). Sustained break there will target 11.725 support next. On the upside, above 13.886 will suggests that a short term bottom is formed and bring recovery. But after all, risk will now remain on the downside as long as 14.735/15.54 resistance holds.

In the bigger picture, bearish divergence condition in daily MACD serves as an important alert that whole rise from 8.4 has completed with three waves up to 16.25 already. Break of the trend line support (now at 13.19) will add much credence to this case. Further break of 11.725 will confirm and bring retest of 8.4 low. However, note that strong rebound from the current level, followed by break of 15.54 resistance will save the bullish case that rise from 8.4 is still in progress. Another high above 16.25 should at least be seen before topping.

Comex Silver Continuous Contract 4 Hours Chart

Comex Silver Continuous Contract Daily Chart

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