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Silver Daily Technical Outlook
Thu, Oct 29 2009, 11:13 GMT
by Oil N' Gold Team
Oil N' Gold
Comex Silver (SI)
Intraday bias in Silver remains on the downside for the moment with 16.77 minor resistance intact. As noted before, whole rise from 12.435 might have completed at 18.175 already. Further decline should be seen to 38.2% retracement of 12.435 to 18.175 at 15.98 first. Break will target 61.8% retracement at 14.62 next. On the upside, above 16.77 minor resistance will turn intraday bias neutral first and bring consolidation. However, above 18.175 is needed to indicate resumption of rally. Otherwise, risk will remain on the downside in near term.
In the bigger picture, rise from 12.435 should have completed at 18.175 with bearish divergence conditions daily MACD and RSI. Sustained trading below 55 days EMA (now at 16.38) will pave the way to have a test on lower trend line support (now at 13.37). However, note that at this moment, there is no clear indication of completion of the whole rise from 8.4 yet. Though, as such rise is treated as part of the long term, wide range, consolidation pattern that started at 21.44 back in Mar 08, upside should be limited by 19.55/21.44 resistance zone even incase of another rise. On the downside, break of 15.76 support will be the first sign of topping. Further break of 12.435 will confirm that rise from 8.4 is finished.
Comex Silver Continuous Contract 4 Hours and Daily Chart
Published on
Thu, Oct 29 2009, 11:13 GMT
Archive
- Gold Daily Technical Outlook
Published On Mon, Nov 23 2009, 11:27 GMT
- Gold Weekly Technical Outlook
Published On Sat, Nov 21 2009, 08:19 GMT
- Gold Daily Technical Outlook
Published On Thu, Nov 19 2009, 11:23 GMT
- Gold Daily Technical Outlook
Published On Wed, Nov 18 2009, 10:42 GMT
- Silver Daily Technical Outlook
Published On Tue, Nov 17 2009, 11:51 GMT
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