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Comex Silver (SI)
Silver was supported by 4 hours 55 EMA last week and recovered mildly. But upside is still limited below 31.18 resistance and hence, consolidations from there might extend further. Initial bias remains neutral this week. Below 36.435 minor support will bring another fall but downside should be contained well above 33.565 support and bring another rise. Above 38.18 should extend the up trend towards 100% projection of 17.735 to 31.275 from 26.3 at 39.84, which is close to 40 psychological level.
In the bigger picture, long term up trend in silver is still in progress and is regaining momentum with weekly MACD back above signal line. Current rally will likely extend further towards 261.8% projection at 43.71. In any case, break of 31.275 resistance turned support is needed to be the first signal of reversal. Otherwise, medium term outlook will remain bullish.
In the long term picture, silver's up trend from 2001 low of 4.01 is still in progress. We'll stay bullish as long as 21.44 resistance turned support holds and would expect such up trend to extend further to 261.8% projection of 4.01 (2001 low) to 21.44 (2008 high) from 8.4 (2008 low) at 54.03.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart
Comex Silver Continuous Contract Weekly Chart
Comex Silver Continuous Contract Monthly Chart