Comex Silver (SI)
No change in silver's outlook for the moment. More consolidations could still be seen below 34.33. Though, such consolidation should be relatively brief as long as 31.64 minor support holds. Break of 34.33 will target 36.6 medium term projection target next. On the downside, however, break of 31.46 will indicate short term top at least formed and should bring deeper pull back.
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