Comex Silver (SI)
Silver's fall from 31.275 resumed after brief recovery and reaches as low as 26.63 so far today. Intraday bias is back on the downside and further decline should be seen to medium term retracement level at 26.103 next. On the upside, above 27.95 resistance will turn intraday bias neutral and bring recovery. But again, 29.825 resistance is needed to indicate that fall from 31.275 is finished. Otherwise, another decline is still in favor.
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
Comex Silver Continuous Contract Daily Chart