Silver has the potential to strengthen today towards its nearest resistance level.

[Ben Graham]

Silver

With technical conditions indicating strengthening today, Silver has the potential to strengthen and rise towards its nearest resistance level.

Key Levels

1. Resistance. 2 : 119.885

2. Resistance. 1 : 115.955

3. Pivot : 109.465

4. Support. 1 : 105.535

5. Support. 2 : 99.045

Tactical Scenario

Positive Reaction Zone: If the price holds in the Pivot area of 109.465, there is a possibility of further upward movement towards 115.955.

Momentum Extension Bias: If 115.955 is successfully broken, there is potential for a test of 119.885.

Invalidation Level / Bias Revision

Upside bias weakens when Silver price weakens below 99.045.

Technical Summary

EMA(50) : 111.167

EMA(200): 105.05

RSI(14) : 69.76

Economic News Release Agenda:

Tonight, the United States will release the following economic data:

US - Crude Oil Inventories - 10:30 PM WIB

US - Federal Funds Rate - 2:00 AM WIB

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