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