FX.co ★ There is potential for a downward correction in Silver today

[Silver]

Although both EMAs are still in a Golden Cross formation, but with the RSI being in the Neutral-Bearish area along with the appearance of a Bearish Divergence strongly indicates that a correction is likely to occur soon for Silver.

Key Levels

1. Resistance. 2 : 60.262

2. Resistance. 1 : 59.108

3. Pivot : 57.637

4. Support. 1 : 56.483

5. Support. 2 : 55.012

Tactical Scenario:

Pressure Zone: If the price of Silver declines and breaks below 57.637, it has the potential to continue its decline to 56.483.

Momentum Extension Bias: If 56.483 is also broken, Silver could continue its decline down to 55.012.

Invalidation Level / Bias Revision:

The downside bias is restrained if the price of Silver strengthens and breaks above 60.262.

Technical Summary:

EMA(50) : 57.200

EMA(200): 54.800

RSI(14) : 45.12 + Bearish Divergent

Economic News Release Agenda:

Later tonight from the United States, several economic data releases are as follows:

US - RCM/TIPP Economic Optimism - Tentative

US - Wards Total Vehicle Sales - All day