Silver Futures (SI1!) H4 | Potential Bounce off Ichimoku Cloud

Type:

Bullish Bounce

Key Levels:

Resistance: 32.54

Pivot: 31.34

Support: 30.67

Preferred Case:

Looking at the H4 chart, my overall bias for silver futures ( SI1!) is bullish due to the price finding support within the bullish Ichimoku Cloud and reversing just above the 38.2% Fibonacci retracement. The price has reversed off the Pivot and could rise towards the 1st Resistance at 32.54.

Alternative Scenario:

Price may break below the Pivot at 31.34 and fall towards the 1st Support at 30.67.