Silver Futures (SIK2022), H4 bullish continuation!
Type : Bullish continuation
Resistance : 25.050
Pivot: 24.040
Support : 23.765
Preferred case: Prices are on bullish momentum and abiding to our ascending trendline support. We see the potential for a bounce from our Pivot at 24.040 in line with 61.8% Fibonacci retracement towards our 1st resistance at 25.050 in line with 61.8% Fibonacci Extension. Our bullish bias is further supported RSI being at levels where bounces previously occurred and our MA 50 & 200 forming a Golden cross.
Alternative scenario: If prices were to reverse, they can potentially dip towards our 1st support at 23.765 which is a graphical swing low and also in line with 78.6% Fibonacci extension .
Fundamentals: Demand for commodities caused by tension built-up Russo-Ukraine crisis has resulted in a long time rally on the precious metal. The situation remains fluid as we await negotiations at the Belarusian-Ukrainian border, we urge investors to remain on the side-lines.
Resistance : 25.050
Pivot: 24.040
Support : 23.765
Preferred case: Prices are on bullish momentum and abiding to our ascending trendline support. We see the potential for a bounce from our Pivot at 24.040 in line with 61.8% Fibonacci retracement towards our 1st resistance at 25.050 in line with 61.8% Fibonacci Extension. Our bullish bias is further supported RSI being at levels where bounces previously occurred and our MA 50 & 200 forming a Golden cross.
Alternative scenario: If prices were to reverse, they can potentially dip towards our 1st support at 23.765 which is a graphical swing low and also in line with 78.6% Fibonacci extension .
Fundamentals: Demand for commodities caused by tension built-up Russo-Ukraine crisis has resulted in a long time rally on the precious metal. The situation remains fluid as we await negotiations at the Belarusian-Ukrainian border, we urge investors to remain on the side-lines.