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SILVER
If we look at all the technical indicators that show weakness in Silver, then in the near future XAG/USD has the potential to test its nearest support level.
Key Levels
1. Resistance. 2 : 80.950
2. Resistance. 1 : 77.300
3. Pivot : 75.185
4. Support. 1 : 71.535
5. Support. 2 : 69.420
Tactical Scenario
Pressure Zone: If 71.535 is broken down, there is potential for continued weakness toward 69.420.
Momentum Extension Bias: If 69.420 is broken, Silver may test the next support at 65.770.
Invalidation Level / Bias Revision
The downside bias is restrained if the price strengthens and breaks above 80.950.
Technical Summary
EMA(50) : 74.944
EMA(200): 78.003
RSI(14) : 37.69
Economic News Release Agenda:
Today the United States will release the following economic data:
US - Crude Oil Inventories - 21:30 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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