Silver's strong rebound from 11.89 argues that correction from 14.6 has completed with three waves down there already. Intraday bias is cautiously on the upside. Break of 13.285 resistance will confirm this case and bring stronger rally to retest 14.6 high. On the downside, while another fall could not be ruled out for the moment, we're still expecting downside to be contained by 11.77 support to complete the correction.
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 Silver Continuous Contract Daily Chart