Silver's fall resumed after recovery from 28.255 was limited by 4 hours 55 EMA. It reached as low as 27.925 so far. Near term outlook stays bearish as long as 29.43 resistance holds. Current fall from should extend to retest 26.105 low next. On the upside, above 29.43 will indicate short term bottoming and bring rebound.
In the bigger picture, as long as 37.58 resistance holds, price actions from 26.105 are viewed as a consolidation pattern only. And that means, the down trend from 49.82 high isn't over yet and a new low below 26.105 is in favor. In that case, silver should taken on long term Fibonacci level at 24.22. Though, break of 37.58 will dampen this bearish case and could bring stronger rise back to 49.82 high.
In the long term picture, the main question remains on whether 49.82 is a medium term or long term top. With 61.8% retracement of 8.4 to 49.82 at 24.22 intact, price actions from 49.82 could eventually turn out to be a consolidation only. And a break of 37.58 resistance will significantly increase the odds of a new high above 49.82.
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
No comments:
Post a Comment