Comex Silver (SI)

Intraday bias in Silver remains neutral for the moment and some more sideway trading could be seen below 18.70 first. But after all, another rise remains in favor as long as 18.075 minor support holds and above 18.70 will target upper trendline resistance at 19 level. On the downside, below 18.075 will turn bias back the downside for 17.08/195 support zone again.

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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