Silver Daily Technical Outlook

Comex Silver (SI)

Intraday bias in silver remains neutral for the moment as consolidation from 34.52 continues. There is no clear signal of reversal as the price actions from 34.52 look corrective so far. We'll slightly prefer another rise as long as 38.2% retracement of 26.145 to 34.52 at 31.32 holds. Above 34.52 will target a test on 35.70 key resistance next. Nonetheless, sustained break of 31.32 should confirm completion of rise from 26.145 and flip bias back to the downside for retesting this support.

In the bigger picture, at this point, we're treating price actions from 26.15 as consolidation in the larger decline from 49.82 high. That is, rise from 26.145 is the third wave and should be limited by 35.70 resistance and bring reversal for a new low below 26.145. However, decisive break of 35.70 will indicate bottoming, with a double bottom reversal pattern, and turn focus back to 40 psychological level.

Comex Silver Continuous Contract 4 Hours Chart

Comex Silver Continuous Contract Daily Chart