SILVER FUTURES (SILVER1!), H1 Potential for Bullish Momentum
Type : Bullish Rise
Resistance : 63924
Pivot: 62180
Support : 60554
Preferred Case: On the H1, price is moving above the ichimoku cloud and MACD moving in a bullish momentum which supports our bullish bias that price will rise from the pivot at 62180 where the overlap support is to the 1st resistance at 63956 in line with the 78.6% fibonacci projection, 50% fibonacci retracement, 38.2% fibonacci retracement and overlap resistance.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 60554 in line with the swing low support.
Fundamentals: Due to increasing inflation rates in the US,UK and other developed economies, we have a bullish view on the precious metal.
Resistance : 63924
Pivot: 62180
Support : 60554
Preferred Case: On the H1, price is moving above the ichimoku cloud and MACD moving in a bullish momentum which supports our bullish bias that price will rise from the pivot at 62180 where the overlap support is to the 1st resistance at 63956 in line with the 78.6% fibonacci projection, 50% fibonacci retracement, 38.2% fibonacci retracement and overlap resistance.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 60554 in line with the swing low support.
Fundamentals: Due to increasing inflation rates in the US,UK and other developed economies, we have a bullish view on the precious metal.