Silver Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Wed Oct 20 10 07:10 ET

While the retreat from 24.95 was deep, silver is still holding above 22.945 support and then, outlook remains unchanged. Recent rally is still expected to continue further. Break of 24.95 will bring rise resumption to 161.8% projection of 14.65 to 19.845 from 17.735 at 26.14 next. On the downside, though, break of 22.945 will indicate that a short term top is formed and bring deeper correction first.

In the bigger picture, silver's long term up trend has resumed and is showing sign of accelerating after taking out the medium term channel. Next medium term target is now on 100% projection of 4.01 to 21.44 from 8.4, which is at 25.8 level. And break will target 161.8% projection at 36.60. On the downside, break of 19.845 support is needed to be the first sign of reversal. Otherwise, outlook will remain bullish.

Comex Silver Continuous Contract 4 Hours Chart

Comex Silver Continuous Contract Daily Chart

 

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