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SILVER
With the EMAs forming a Golden Cross and the RSI in the Neutral-Bullish area, Silver has the opportunity in the near term to test its nearest resistance level.
Key Levels
1. Resistance. 2 : 97.577
2. Resistance. 1 : 96.048
3. Pivot : 94.312
4. Support. 1 : 92.803
5. Support. 2 : 91.067
Tactical Scenario
Positive Reaction Zone: If the price of Silver holds at 94.312, there is likely to be upward movement toward 96.048.
Momentum Extension Bias: If 96.048 is also broken, Silver may continue strengthening to 97.577.
Level Invalidation / Bias Revision
The upside bias weakens if the price of Silver breaks below 91.067.
Technical Summary
EMA(50) : 94.246
EMA(200): 91.955
RSI(14) : 49.86
Economic News Release Schedule:
Tonight, ahead of the U.S. market open, in addition to a scheduled speech by U.S. President Donald Trump at 20:30 WIB, the following economic data will be released:
AS - Pending Home Sales m/m - 22:00 WIB
AS - Construction Spending m/m - 22:00 WIB
AS - Construction Spending m/m - 22:00 WIB
AS - API Weekly Statistical Bulletin - 04:30 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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