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[Silver]
With the appearance of a Bearish Divergence on the RSI indicator suggests that there is potential for a limited correction in the near term; however, the overall bias for Silver still indicates strengthening.
Key Levels
1. Resistance. 2 : 55.343
2. Resistance. 1 : 54.282
3. Pivot : 52.558
4. Support. 1 : 51.497
5. Support. 2 : 49.773
Tactical Scenario
Positive Reaction Zone: If the price of Silver strengthens and breaks above 54.282, it may have the opportunity to test 55.343.
Momentum Extension Bias: If 55.343 is breached, Silver will have the chance to test 57.067.
Invalidation Level / Bias Revision
The upside bias weakens if the price of Silver declines and closes below 49.773.
Technical Summary:
EMA(50) : 52.495
EMA(200): 50.722
RSI(14) : 67.48 - Bearish Divergent
Economic News Release Agenda:
Tonight, after the U.S. market session opens, the following economic data will be released:
US - Mortgage Delinquencies - Tentative.
US - Crude Oil Inventories - 00:00 WIB.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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