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Silver Daily Technical Outlook
Mon, Nov 2 2009, 12:48 GMT
by Oil N' Gold Team
Oil N' Gold
Comex Silver (SI)
Silver's consolidation from 16.12 extends further and intraday bias is neutral for the moment. Another rise could be seen to 4 hours 55 EMA (now at 16.90) but after all, break of 17.21 resistance is needed to indicate that fall from 18.175 has completed. Otherwise short term outlook will remain bearish. Below 16.12 will target 61.8% retracement of 12.435 to 18.175 at 14.62 next
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 16.395) will pave the way to have a test on lower trend line support (now at 13.42). 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 Charts
Published on
Mon, Nov 2 2009, 12:49 GMT
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