Comex Silver (SI)
Silver's fall from 13.52 dragged 4 hours MACD below signal line and suggests that an intraday top is in place. Outlook is turned neutral for the moment. Above 13.52 will reaffirm the case the correction from 14.6 has completed and will flip intraday bias back to the upside for retesting this high. However, below 12.45 will invalidate this case and indicate that such correction is still in progress. But after all, we'd still expected downside to be contained by 11.77 support and bring rally resumption.
In the bigger picture, whole down trend from 21.44 has completed at 8.4 already. Focus now turns to next resistance at 16, with medium term falling trend line at 15.88 and 61.8% retracement of 21.44 to 8.4 at 16.45. Sustained break will confirm this case and argue that long term up trend is resuming and should target 21.44 high next. On the downside, break of 11.77 support is needed to be the first signal that rise from 8.4 has completed. Otherwise, outlook will remain bullish.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart