SILVER FUTURES (SILVER1!), H1 Potential for Bearish Momentum
Type : Bearish Momentum
Resistance : 62362
Pivot: 61483
Support : 60211
Preferred Case: On the H1, price has broken out from the ascending channel and is moving below the ichimoku cloud which supports our bearish bias that price will drop from our pivot at 61483 in line with the overlap resistance to the 1st support at 60211 in line with the overlap support, 61.8% fibonnaci retracement and 78.6% fibonacci projection .
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 62362 in line with the swing high resistance and 61.8% fibonacci projection .
Fundamentals: The outcome of the US CPI would confirm if inflation remains on a rising trend or if it is topping out which gives us a mixed bias on silver.
Resistance : 62362
Pivot: 61483
Support : 60211
Preferred Case: On the H1, price has broken out from the ascending channel and is moving below the ichimoku cloud which supports our bearish bias that price will drop from our pivot at 61483 in line with the overlap resistance to the 1st support at 60211 in line with the overlap support, 61.8% fibonnaci retracement and 78.6% fibonacci projection .
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 62362 in line with the swing high resistance and 61.8% fibonacci projection .
Fundamentals: The outcome of the US CPI would confirm if inflation remains on a rising trend or if it is topping out which gives us a mixed bias on silver.