Comex Silver (SI)

Intraday bias in Silver remains on the upside for the moment and further rally is still expected. Sustained trading above 19.48 resistance will indicate that medium term rally is likely resuming for another high above 19.845. On the downside, below 18.83 support will argue that a short term top is formed and bring retreat. But downside should be contained above 17.735 support and bring another rise.

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 17.325 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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