The appearance of a Bearish Divergence in Silver indicates a potential correction, however, as long as it does not break
BY
Ben Graham
|
By using this site, you agree to our Terms of Use of Use and Privacy Policy
[Silver]
Although there is potential for a correction confirmed by the appearance of a Bearish Divergence on the RSI, the overall bias still shows strengthening, confirmed by the Golden Cross of both EMAs, indicating that buyers are still dominating today.
Key Levels:
1. Resistance. 2 : 52.303
2. Resistance. 1 : 51.872
3. Pivot : 51.268
4. Support. 1 : 50.837
5. Support. 2 : 50.233
Tactical Scenario:
Positive Reaction Zone: If the price of Silver breaks above 51.268, it has the potential to continue strengthening up to 51.872.
Momentum Extension Bias: If 51.872 is successfully broken, there is potential for Silver to test the level at 52.303.
Invalidation Level / Bias Revision:
The upside bias weakens if the price of Silver weakens and breaks down below 50.233.
Technical Summary:
EMA(50) : 51.285
EMA(200): 50.838
RSI(14) : 67.72 + Bearish Divergent
Economic News Release Agenda:
Tonight in the U.S. session, the following economic data will be released:
US - Unemployment Claims - 20:30 WIB
US - Core Durable Goods Orders m/m - 20:30 WIB
US - Durable Goods Orders m/m - 20:30 WIB
US - Chicago PMI - 21:45 WIB
US - Crude Oil Inventories - 22:30 WIB
US - Natural Gas Storage - 00:00 WIB
The material has been provided by InstaForex Company - www.instaforex.com