Comex Silver (SI)
Silver rises to as high as 34.33 today but feels some strong resistance ahead of mentioned target of 61.8% projection of 17.735 to 31.275 from 26.30 at 34.67 and retreats. Intraday bias is turned neutral for the moment and retreat would be seen. But near term outlook will remain bullish as long as 31.64 support hold and resume up trend is still expected to continue further.
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. One point to note is that rise from 26.30 could indeed be the fifth wave of a five wave sequence from 14.65 (19.845, 17.735, 31.275, 26.3, ?) Hence, we'll be cautious on sign of loss of momentum as silver enters into 34.67/36.6 projection zone.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart