Silver Futures (SI1!), H4 Falling to 61.8% Fibonacci Support
Type:
Bullish Reversal
Key Levels:
Resistance: 29.66
Pivot: 28.73
Support: 28.18
Preferred Case:
Looking at the H4 chart, my overall bias for Silver futures (SI1!) is neutral with a possibility of this commodity fluctuating between the pivot and the resistance. With price falling towards the pivot, it could stall around this level before potentially reversing to bounce higher towards the 1st resistance.
Alternative Scenario:
Price may break below the pivot at 28.73 and drop towards the 1st support level at 28.18.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.