Comex Silver (SI)

No change in silver's outlook as it's basically still bounded in sideway consolidations in converging range. Stronger rise could be seen for upper trend line resistance (now at 18.90). Sustained break there will argue that recent consolidation has finished and turn focus to 19.48 resistance for more evidence. On the downside, though, below 17.795 will turn focus back to 17.08 support 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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