SILVER FUTURES (SILVER1!), H1 Potential for Bearish Momentum
Type : Bearish Momentum
Resistance : 61075
Pivot: 60809
Support : 60248
Preferred Case: On the H4, price is moving below the ichimoku cloud and moving along the descending trendline which supports bearish bias that price will drop from our pivot at 60809 in line with the 23.6% fibonacci retracement and overlap resistance to the 1st support at 60248 in line with the swing low support.
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 61075 in line with the pullback resistance, 23.6% fibonacci retracement and 38.2% fibonacci retracement .
Fundamentals: Due to increasing inflation rates in the US,UK and other developed economies, we have a bullish view on the precious metal.
Resistance : 61075
Pivot: 60809
Support : 60248
Preferred Case: On the H4, price is moving below the ichimoku cloud and moving along the descending trendline which supports bearish bias that price will drop from our pivot at 60809 in line with the 23.6% fibonacci retracement and overlap resistance to the 1st support at 60248 in line with the swing low support.
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 61075 in line with the pullback resistance, 23.6% fibonacci retracement and 38.2% fibonacci retracement .
Fundamentals: Due to increasing inflation rates in the US,UK and other developed economies, we have a bullish view on the precious metal.