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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Jun 05 16 09:44 ET

Silver Weekly Technical Outlook

Comex Silver (SI)

Silver dropped to 15.83 last week but lost much momentum after hitting 50% retracement of 13.62 to 18.05 at 15.38. Bullish convergence is also seen in 4 hours MACD and rebound should be due. Break of 16.58 resistance will confirm near term bottoming and turn bias back to the upside for 18.05 high.

In the bigger picture, the strong break of 55 weeks EMA affirmed our view that 13.62 is a medium term bottom. Further rise should be seen to 55 months EMA (now at 19.20) next. Sustained break there will target 38.2% retracement of 49.82 to 13.62 at 27.44 in medium term. This is the preferred case as long as 16.17 resistance turned support was breached briefly. However, sustained break of 16.17 will indicate that silver has found the upper side of its medium term range at around 18.185 resistance and will head back towards 13.62 low instead.

The down trend from 49.82 could have finished at 13.62 already. At this point, we're not seeing any prospect for long term up trend yet. Silver could turn into sideway pattern between 13.62 and 38.2% retracement of 49.82 to 13.62 at 27.44. We'll continue to monitor the structure of the rise from 13.62 to determine the long term outlook.

Comex Silver Continuous Contract 4 Hours Chart

Comex Silver Continuous Contract Daily Chart

Comex Silver Continuous Contract Weekly Chart

Comex Silver Continuous Contract Monthly Chart


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