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[Silver]
With both EMAs still in a Golden Cross formation, the trend for Silver likely remains upwards, despite the potential for a limited correction where it is confirmed by the appearance of a Bearish Divergence on the RSI(14).
Key Levels
1. Resistance. 2 : 62.853
2. Resistance. 1 : 61.737
3. Pivot : 59.658
4. Support. 1 : 58.542
5. Support. 2 : 56.463
Tactical Scenario:
Positive Reaction Zone: If the price breaks above 61.737, Silver will likely continue to strengthen up to 62.853.
Momentum Extension Bias: If 62.853 is broken, there is potential for Silver to test the level at 64.932.
Invalidation Level / Bias Revision:
The upside bias weakens if the price of Silver declines and breaks down below 56.463.
Technical Summary:
EMA(50) : 59.706
EMA(200): 58.412
RSI(14) : 64.68 + Bearish Divergent
Economic News Release Agenda :
Tonight from the United States, the following economic data will be released:
US - Employment Cost Index q/q - 20:30 WIB
US - Crude Oil Inventories - 22:30 WIB
US - Federal FED Fund Rate - 02:00 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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