Silver Futures (SI1!) H4 | Pullback Resistance at 61.8% Fibonacci Retracement
Silver Futures (SI1!) H4 | Pullback Resistance at 61.8% Fibonacci Retracement
Type:
Bearish Reversal
Key Levels:
Resistance: 31.985
Pivot: 31.560
Support: 30.305
Preferred Case:
Looking at the H4 chart, the price is approaching a pullback resistance where it could stall before reversing to fall lower. The bearish momentum could cause the price to drop towards the 1st Support at 30.305.
Alternative Scenario:
Price may break above the Pivot at 31.560 and rise towards the 1st Resistance at 31.985.
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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.