Comex Silver (SI)
Intraday bias in Silver is neutral for the moment and some more consolidations could be seen above 26.54 temporary low first. But recovery is expected to be limited below 61.8% retracement of 31.275 to 26.54 at 29.466 and bring fall resumption. As noted before, a medium term top is possibly in place at 31.275 and below 26.54 will bring another fall towards medium term retracement level at 26.103 next.
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