Silver Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Mon Nov 08 10 08:20 ET

Intraday bias in silver remains on the upside with 25.87 minor support intact. Current rally should be seen towards 200% projection of 14.65 to 19.845 from 17.735 at 28.125 next. On the downside, below 25.87 will turn intraday bias neutral and bring retreat first. But downside should be contained well above 22.84 support and bring rally resumption.

In the bigger picture, as noted before, silver's up trend is in an acceleration phase for the moment. Current rally from 8.4 is treated as resumption of the whole rise from 2001 low of 4.01. 100% projection at 25.84 is already met. And Silver would now be targeting next key projection level at 161.8% projection of 4.01 to 21.44 from 8.4 at 36.6 level. On the downside, break of 20 psychological level is needed to signal medium term reversal. Otherwise, outlook will remain bullish.

Comex Silver Continuous Contract 4 Hours Chart

Comex Silver Continuous Contract Daily Chart

 

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