Silver Futures (SI1!) H1 | Multi-swing-low Support at 38.2% Fibonacci Retracement
Silver Futures (SI1!) H1 | Multi-swing-low Support at 38.2% Fibonacci Retracement
Type:
Bullish Bounce
Key Levels:
Resistance: 33.760
Pivot: 32.100
Support: 31.080
Preferred Case:
Looking at the H1 chart, the price could fall toward a multi-swing-low support and potentially stabilize around this level before rising toward the 1st Resistance at 33.760.
Alternative Scenario:
Price may break below the Pivot at 32.100 and fall toward the 1st Support at 31.080.
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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.