Comex Silver (SI)

Silver edges higher to day but so far, upside is still limited by 18.28 resistance. Intraday bias remains neutral. On the upside, break of 18.28 resistance will suggest that fall from 19.48 is finished and will flip bias to the upside for upper trend line resistance (now at 19.09) first. On the downside, below 17.325 will turn focus to 17.08/195 support zone again. 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.

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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