Silver Daily Technical Outlook

Comex Silver (SI)

With a temporary top in place at 19.34, intraday bias in silver remains neutral and some consolidations could be seen first. Deeper retreat could be seen to 4 hours 55 EMA (now at 18.62. But downside is expected to be contained well above 17.735 support and bring another rise. Decisive break of 19.845 will indicate that medium term rally is likely resuming for another high above 19.845.

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