Silver Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Wed Nov 24 10 07:08 ET

Intraday bias in silver remains neutral for the moment. But still, we're slightly favoring the case that pull back from 29.34 is finished at 24.98 already. Rebound from there should resume sooner or later to retest 29.34 high. However, decisive break of 24.907 will argue that whole rise form 17.735 is finished and will bring deeper fall to 55 days EMA (now at 24.05) instead.

In the bigger picture, silver's up trend is still intact. Current rally from 8.4 is treated as resumption of the whole rise from 2001 low of 4.01. On resumption, silver should target next projection level of 261.8% projection of 14.65 to 19.845 from 17.735 at 31.34. 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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