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Silver
Based on the appearance of a Bearish Divergence between the RSI and the Silver price movement, there is potential for a weakening towards the nearest support level in the near future.
Key Levels
1. Resistance. 2 : 75.437
2. Resistance. 1 : 74.188
3. Pivot : 71.987
4. Support. 1 : 70.738
5. Support. 2 : 68.537
Tactical Scenario
Pressure Prone Zone: If the price breaks below 75.437, there is potential for silver to be under pressure towards 74.188.
Momentum Extension Bias: If 74.188 is also successfully broken, there is an opportunity for silver to reach 71.987.
Invalidation Level / Bias Revision
Downside bias is maintained if the silver price breaks above 77.638.
Technical Summary
EMA(50) : 73.943
EMA(200): 72.878
RSI(14) : 71.75
Economic News Release Agenda:
The following economic data will be released from the United States:
US - Crude Oil Inventories - 21:30 WIB
US - 10-y Bond Auction - 00:01 WIB
US - FOMC Meeting Minutes - 01:00 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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