Silver Futures (SIK2022), H4 bullish continuation!
Type : Bullish continuation
Resistance : 25.660
Pivot: 24.325
Support : 23.910
Preferred case: Prices are on bullish momentum and abiding to our ascending trendline support. We see the potential for a bounce from our Pivot at 24.325 in line 78.6% Fibonacci retracement towards our 1st resistance at 25.660 in line with 100% Fibonacci Retracement. Our bullish bias is further supported prices trading above our ichimoku clouds.
Alternative scenario: If prices were to reverse, they can potentially dip towards our 1st support at 23.910 which is a graphical swing low and also in line with 100% Fibonacci extension.
Fundamentals: Amidst highest inflation recorded for the most developed countries, we are likely to see crowds flock to safety on safe haven assets such as precious metals, supporting a overall bullish bias. As the renewed attacks and scheduled negotiations are on the way, we would expect much volatility from the asset.
Resistance : 25.660
Pivot: 24.325
Support : 23.910
Preferred case: Prices are on bullish momentum and abiding to our ascending trendline support. We see the potential for a bounce from our Pivot at 24.325 in line 78.6% Fibonacci retracement towards our 1st resistance at 25.660 in line with 100% Fibonacci Retracement. Our bullish bias is further supported prices trading above our ichimoku clouds.
Alternative scenario: If prices were to reverse, they can potentially dip towards our 1st support at 23.910 which is a graphical swing low and also in line with 100% Fibonacci extension.
Fundamentals: Amidst highest inflation recorded for the most developed countries, we are likely to see crowds flock to safety on safe haven assets such as precious metals, supporting a overall bullish bias. As the renewed attacks and scheduled negotiations are on the way, we would expect much volatility from the asset.