Comex Silver (SI)
Near term outlook in silver remains bullish with 32.64 support intact. Sustained break of 35.70 will have medium term bullish indication and should send silver to 61.8% projection of 26.145 to 34.52 from 32.64 at 37.81 first. Though, failure at current level, followed by break of 32.64, will indicate short term topping and turn outlook bearish for a test on 26.145.
In the bigger picture, focus remains on 35.70 resistance. Decisive break there will indicate that the correction pattern from 49.82 high has completed with a double bottom reversal pattern (26.15, 26.145) In such case, stronger rally should be seen to 40 psychological and above. Though, break of 32.64 will argue that correction from 49.82 is not completed and would extend to 24.22 fibonacci level.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart