Despite the potential for a limited correction, Silver still has a strengthening bias.

[Ben Graham]

[Silver]

With both EMAs still in a Golden Cross formation, the trend for Silver likely remains upwards, despite the potential for a limited correction where it is confirmed by the appearance of a Bearish Divergence on the RSI(14).

Key Levels

1. Resistance. 2 : 62.853

2. Resistance. 1 : 61.737

3. Pivot : 59.658

4. Support. 1 : 58.542

5. Support. 2 : 56.463

Tactical Scenario:

Positive Reaction Zone: If the price breaks above 61.737, Silver will likely continue to strengthen up to 62.853.

Momentum Extension Bias: If 62.853 is broken, there is potential for Silver to test the level at 64.932.

Invalidation Level / Bias Revision:

The upside bias weakens if the price of Silver declines and breaks down below 56.463.

Technical Summary:

EMA(50) : 59.706

EMA(200): 58.412

RSI(14) : 64.68 + Bearish Divergent

Economic News Release Agenda :

Tonight from the United States, the following economic data will be released:

US - Employment Cost Index q/q - 20:30 WIB

US - Crude Oil Inventories - 22:30 WIB

US - Federal FED Fund Rate - 02:00 WIB

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