FX.co ★ Although there is potential for a limited correction, Silver still has an overall strengthening bias.

[Silver]

Although there is a potential of a limited correction which indicated by the appearance of a Bearish Divergence between Silver's price movement and the RSI indicator, but with both EMAs in a Golden Cross position,Silver appears to continue its strengthening.

Key Levels

1. Resistance. 2 : 92.108

2. Resistance. 1 : 89.502

3. Pivot : 86.458

4. Support. 1 : 83.852

5. Support. 2 : 80.808

Tactical Scenario

Positive Reaction Zone: If the price holds at 86.458, there is potential for Silver to rise toward 89.502.

Momentum Extension Bias: If 89.502 is broken to the upside, Silver may have the chance to test 92.108.

Invalidation Level / Bias Revision

The upside bias weakens if Silver falls and breaks below 80.808.

Technical Summary

EMA(50) : 86.462

EMA(200): 82.488

RSI(14) : 61.20 + Bearish Divergent

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