Silver Futures (SI1!) H4 | Falling towards a 61.8% Fibonacci Support
Silver Futures (SI1!) H4 | Falling towards a 61.8% Fibonacci Support
Type:
Bullish Bounce
Key Levels:
Resistance: 34.13
Pivot: 32.92
Support: 32.45
Preferred Case:
Looking at the H4 chart, the price could fall towards a pullback support and stabilize around this level before reversing to bounce higher toward the 1st resistance at 34.13.
Alternative Scenario:
Price may break below the Pivot at 32.92 and fall toward the 1st Support at 32.45.
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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.