Comex Silver (SI)

With 4 hours MACD crossed above signal line, a temporary low is in place at 27.08 and intraday bias is turned neutral for the moment. Some consolidations might be seen first. But after all, break of 29.825 resistance is needed to indicate that fall from 31.275 is finished. Otherwise, another decline is still in favor. Below 27.08 will target medium term retracement level at 26.103.

In the bigger picture, note that weekly MACD's break of signal line suggests that a medium term top is in place. Touching and breaking of 38.2% retracement of 17.735 to 31.275 at 26.103 will confirm this case and deeper correction should be seen to 24.98 support and below. Though, we'd expect downside to be contained by 22.84 cluster support (61.8% retracement of 17.735 to 31.275 at 22.907) and bring rebound. On the upside, break of 31.275 high is needed to confirm up trend resumption. Otherwise, we'll stay neutral and expect more consolidation/correction below 31.275.

Comex Silver Continuous Contract 4 Hours Chart

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