Silver Daily Technical Outlook

Comex Silver (SI)

Silver' strong rally and break of the upper falling trend line suggests that recent sideway consolidations might be finished at 17.735 already. Intraday bias is now on the upside for 19.48 resistance first. Break there will indicate that medium term rally is likely resuming for another high above 19.845. On the downside, below 18.67 will suggest that a temporary top is at least formed and turn bias neutral. Also, outlook will be turned mixed again as choppy sideway trading might be extending further in such case.

In the bigger picture, note that whole rise from 8.4 is treated as part of the consolidation pattern that started at at 21.44 (2008 high). 19.55/21.44 resistance zone is already met and we'd expect silver to reverse sooner or later. Break of 17.325 support will argue that 19.845 is already the medium term top and focus will then be turned to 14.65 key support for confirmation. On the upside, even in case of another rise, we'd continue expect strong resistance inside 19.55/21.44 resistance zone to bring reversal.

Comex Silver Continuous Contract 4 Hours Chart

Comex Silver Continuous Contract Daily Chart