Comex Silver (SI)
Silver rises to a high as 31.96 so far today and the strong break of 31.275 high indicates that the long term up trend in silver has resumed. Intraday bias remains on the upside and further rise should now be seen towards 61.8% projection of 17.735 to 31.275 from 26.30 at 34.67 next. On the downside, below 30.535 minor support will turn bias neutral and bring retreat. But downside should be contained well above 26.30 support and bring rally resumption.
In the bigger picture, current development indicates that long term rally from 8.4 has just resumed. Outlook will now remain bullish as long as 26.30 support holds and current up trend should extend further to 161.8% projection of 4.01 (2001 low) to 21.44 (2008 high) from 8.4 (2008 low) at 36.6 next.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart