Comex Silver (SI)
Silver's recovery was limited by 4 hours 55 EMA and the break of 26.54 support indicates that decline from 31.275 has resumed. Intraday bias is back on the downside for further fall. As noted before, a medium term top is possibly in place at 31.275. Current decline should extend to medium term retracement level at 26.103 next. On the upside, above 37.795, though, will suggest that a short term bottom might be in place and bring stronger rebound.
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 Continous Contract Daily Chart