Silver Daily Technical Outlook

By IBTimes Staff Reporter | March 18 2009 9:57 AM

Silver weakens mildly today but after all it's still staying in range of 12.45 and 13.52. Intraday outlook remains neutral for the moment. On the upside, above 13.52 will suggest that correction from 14.6 has completed after drawing support from 55 days EMA. In such case, intraday bias will be flipped back to the upside for retesting 14.6 high. Break will confirm that recent up trend has resumed for next target of 16.00 medium term support turned resistance. On the downside, note that another fall cannot be ruled out for the moment. But downside is still expected to be contained by 11.77 support and bring rally resumption.

Sponsorship Link

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 15.83 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