Silver Weekly Technical Outlook
Comex Silver (SI)
Silver dipped to 15.67 but quickly recovered after drawing support from 15.83. Bullish convergence condition also stays in daily MACD. Near term outlook is turned neutral first. At this point, we'd continue to expect strong support from 15.83 to contain downside and bring reversal. Break of 17.29 will confirm completion of fall from 21.22 and turn outlook bullish. However sustained break of 15.83 will extend the fall to retest 13.62 low.
In the bigger picture, a medium term bottom was formed at 13.62. Rebound from there has met 55 months EMA already but failed to sustain above. Silver could have set the medium term range of 13.62/21.22 already and turned into sideway consolidation. In the most bearish case, we don't expect break of 13.62 low. Meanwhile, above 21.22 will extend the medium term rebound to 38.2% retracement of 49.82 to 13.62 at 27.44.
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.
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