Comex Silver (SI)

Another is mildly in favor in silver towards 17.325 support. However, we're not too bearish yet as silver is still bounded in choppy trading inside recent converging range. On the upside, above 18.7 will target upper trend line resistance 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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