Silver (SI1!) H4 | Falling to 61.8% Fibonacci Support

Type:

Bullish Bounce

Key Levels:

Resistance: 28.46

Pivot: 27.32

Support: 26.59

Preferred Case:

Looking at the H4 chart, my overall bias for Silver futures (SI1!) is bullish due to the price breaking out of a prior descending trendline. The price could pull back toward the pivot and bounce off this level to rise toward the 1st Resistance at 28.46.

Alternative Scenario:

Price may break below the pivot at 27.32 and fall towards the 1st Support level at 26.59.