Type:
Bullish Rise
Key Levels:
Resistance: 22.565
Pivot: 21.495
Support: 20.840
Preferred Case:
On the H1, price is moving above the ichimoku cloud which supports our bullish bias that price will rise to the pivot at 21.495 where the swing high resistance and 161.8% fibonacci extension are. Once we have upside confirmation, we would expect bullish momentum to carry price to intermediate resistance at 21.955 in line with swing high resistance and 127.8% fibonacci extension . Should price break intermediate resistance, we would have a bullish bias that price will rise to 1st resistance at 22.565 where swing high resistance is.
Alternative Scenario:
Alternatively, price could drop 1st support at 20.840 in line with the pullback support and 78.6% fibonacci projection .
Fundamentals:
As investors are seeking to hedge against inflation , we have a weak bullish view on silver .
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.