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ONG Focus | Technical | Written by Oil N' Gold | Sat Jun 18 16 08:51 ET

Silver Weekly Technical Outlook

Comex Silver (SI)

Silver lost momentum ahead of 18.05 resistance and weakened. Initial bias is neutral this week. Overall, price actions from 18.05 are viewed as a consolidation pattern and could extend with another further. Hence, in case of another rise, we'd be cautious on strong resistance from 18.05 to limit upside. Break of 17.105 minor support should now start another fall to 15.83 and possibly below.

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 19.24) 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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