Comex Silver (SI)
Silver's recovery from 26.30 extends today and further rise cannot be ruled. But we'd still expect strong resistance at 61.8% retracement of 31.275 to 26.30 at 29.375 and bring another fall. Below 27.96 minor support will flip bias back to the downside medium term retracement level at 26.103 and below. However, sustained trading above 29.375 fibonacci level will turn focus back to 31.275 high instead.
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