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[Silver]
Although there is a potential of a limited correction which indicated by the appearance of a Bearish Divergence between Silver's price movement and the RSI indicator, but with both EMAs in a Golden Cross position,Silver appears to continue its strengthening.
Key Levels
1. Resistance. 2 : 92.108
2. Resistance. 1 : 89.502
3. Pivot : 86.458
4. Support. 1 : 83.852
5. Support. 2 : 80.808
Tactical Scenario
Positive Reaction Zone: If the price holds at 86.458, there is potential for Silver to rise toward 89.502.
Momentum Extension Bias: If 89.502 is broken to the upside, Silver may have the chance to test 92.108.
Invalidation Level / Bias Revision
The upside bias weakens if Silver falls and breaks below 80.808.
Technical Summary
EMA(50) : 86.462
EMA(200): 82.488
RSI(14) : 61.20 + Bearish Divergent
Economic News Release Agenda:
From the United States the following economic data will be released:
US - Core PPI m/m - 20:30 WIB
US - Core Retail Sales m/m - 20:30 WIB
US - PPI m/m - 20:30 WIB
US - Retail Sales m/m - 20:30 WIB
US - Current Account - 20:30 WIB
US - Business Inventories m/m - 22:00 WIB
US - Existing Home Sales - 22:00 WIB
US - Beige Book - 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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