Comex Silver (SI)
Silver's rise from 26.30 extends further to as high as 29.72 so far today. The break of 61.8% retracement of 31.275 to 26.30 at 29.375 suggests that price actions from 31.275 are developing into sideway consolidations rather than a deep correction. Intraday bias is on the upside for a test on 31.275 high first. On the downside, break of 27.96 support is needed to signal that rebound from 26.30 is finished. Otherwise, we'd continue to favor more upside even in case of retreat.
In the bigger picture, note that weekly MACD's break of signal line suggests that a medium term top is in place at 31.275. Though, current development indicates that price actions from 31.275 are developing into sideway consolidations. As long as 31.275 holds, we'd expect another fall to 38.2% retracement of 17.735 to 31.275 at 26.103 and below to extend the consolidations. Though, downside should be contained above 22.84 cluster support (61.8% retracement of 17.735 to 31.275 at 22.907) and bring rebound.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart