Silver (SI1!) H1 | Overlap Resistance at 50% Fibonacci Retracement
Silver (SI1!) H1 | Overlap Resistance at 50% Fibonacci Retracement
Type:
Bearish Reversal
Key Levels:
Resistance: 32.32
Pivot: 31.74
Support: 30.63
Preferred Case:
Looking at the H1 chart, my overall bias for silver futures (SI!) is bearish due to the price approaching an overlap resistance that is accompanied by a 50% Fibonacci retracement. The price could stall around the Pivot before reversing to fall towards the 1st Support at 30.63.
Alternative Scenario:
Price may break above the Pivot at 31.74 and rise towards the 1st Resistance at 32.32.