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[Silver]
Although both EMAs are still in a Golden Cross formation, but with the RSI being in the Neutral-Bearish area along with the appearance of a Bearish Divergence strongly indicates that a correction is likely to occur soon for Silver.
Key Levels
1. Resistance. 2 : 60.262
2. Resistance. 1 : 59.108
3. Pivot : 57.637
4. Support. 1 : 56.483
5. Support. 2 : 55.012
Tactical Scenario:
Pressure Zone: If the price of Silver declines and breaks below 57.637, it has the potential to continue its decline to 56.483.
Momentum Extension Bias: If 56.483 is also broken, Silver could continue its decline down to 55.012.
Invalidation Level / Bias Revision:
The downside bias is restrained if the price of Silver strengthens and breaks above 60.262.
Technical Summary:
EMA(50) : 57.200
EMA(200): 54.800
RSI(14) : 45.12 + Bearish Divergent
Economic News Release Agenda:
Later tonight from the United States, several economic data releases are as follows:
US - RCM/TIPP Economic Optimism - Tentative
US - Wards Total Vehicle Sales - All day
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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