Silver Sept 14th

Silver's rally extended to as high as 33.77 last week with a strong close at 33.725. Silver prices rose 4.02% at 34.57 per ounce during the 24 hours ending. In the Asian session, Silver is trading at 34.67, 0.30% higher from yesterday’s close.

Silver is expected to find support at 33.26, and a fall through could take it to the next support level of 32-31.86. Silver is expected to find its first resistance at 35.51, and a rise through could take it to the next resistance level of 36.35.

Initial bias remains on the upside and current rise from 26.105 could now continue to 37.58 resistance. Nevertheless, be cautious on reversal signal as it approaches 37.58. On the downside, below $32.00 minor support will turn bias neutral and bring consolidation. But break of 30.195 is needed to confirm near term reversal. It’s better to be cautiously bullish.

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 phase only. And a break above $37.58 resistance will significantly increase the chances of a new high above 49.82.