Comex Silver (SI)
Silver's rally continues today and reaches as high as 36.545 so far. Intraday bias remains on the upside for 100% projection of 17.735 to 31.275 from 26.3 at 39.84, which is close to 40 psychological level. On the downside, below 34.975 minor support will turn bias neutral and bring consolidations. But near term outlook will remain bullish as long as 31.695 support holds.
In the bigger picture, long term up trend in silver is still in progress and is regaining momentum with weekly MACD back above signal line. Current rally will target 200% projection of 8.4 to 19.50 from 14.50 at 36.85 next and will likely extend further towards 261.8% projection at 43.71. In any case, break of 26.30 support is needed to be the first signal of reversal. Otherwise, medium term outlook will remain bullish.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart