Comex Silver (SI)

The break of 18.075 support suggests that rebound from 17.325 has completed at 18.70 already. Intraday bias is mildly on the downside and further fall should be seen towards 17.08/195 support zone. On the upside, above 18.70 will bring another rise to upper trend line resistance at 18.9 level instead.

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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