Comex Silver (SI)

Silver's break of 17.44 support indicates that recent decline from 19.48 has resumed and should target 17.08/195 support next. Decisive break there will confirm that whole rise from 14.65 is finished and will bring deeper fall to trend line support at at 15.75. On the upside, though, above 18.28 will turn bias neutral again and indicate that recent sideway trading from 19.845 is still in progress.

In the bigger picture, note that whole rise from 8.4 is treated as part of the consolidation pattern that started at at 21.44 (2008 high). 19.55/21.44 resistance zone is already met and we'd expect silver to reverse sooner or later. Break of 17.08 support will argue that 19.845 is already the medium term top and focus will then be turned to 14.65 key support for confirmation. On the upside, even in case of another rise, we'd continue expect strong resistance inside 19.55/21.44 resistance zone to bring reversal.

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