Silver has the potential to strengthen again today toward its nearest resistance level

[Ben Graham]

SILVER

With the EMAs forming a Golden Cross and the RSI in the Neutral-Bullish area, Silver has the opportunity in the near term to test its nearest resistance level.

Key Levels

1. Resistance. 2 : 97.577

2. Resistance. 1 : 96.048

3. Pivot : 94.312

4. Support. 1 : 92.803

5. Support. 2 : 91.067

Tactical Scenario

Positive Reaction Zone: If the price of Silver holds at 94.312, there is likely to be upward movement toward 96.048.

Momentum Extension Bias: If 96.048 is also broken, Silver may continue strengthening to 97.577.

Level Invalidation / Bias Revision

The upside bias weakens if the price of Silver breaks below 91.067.

Technical Summary

EMA(50) : 94.246

EMA(200): 91.955

RSI(14) : 49.86

Economic News Release Schedule:

Tonight, ahead of the U.S. market open, in addition to a scheduled speech by U.S. President Donald Trump at 20:30 WIB, the following economic data will be released:

AS - Pending Home Sales m/m - 22:00 WIB

AS - Construction Spending m/m - 22:00 WIB

AS - Construction Spending m/m - 22:00 WIB

AS - API Weekly Statistical Bulletin - 04:30 WIB

The material has been provided by InstaForex Company - www.instaforex.com