Silver Weekly Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Sat Nov 20 10 11:49 ET

Silver's pull back from 29.34 was contained at 24.98, by near term rising trend line as well as 38.2% retracement of 17.735 to 29.34 at 24.907 and rebounded strongly. Initial bias remains on the upside this week and further rise should be seen to retest 29.34 high first. . On the downside, 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 23.66) 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

Comex Silver Continuous Contract Weekly Chart

Comex Silver Continuous Contract Monthly Chart

 

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