Silver futures potential dip! | 7th April 2022
Title: Silver Futures ( SI1! ), H4 Potential for dip!
Type: Bearish dip
Resistance : 25.100
Pivot: 24.680
Support : 24.040
Preferred case: Prices are on bearish momentum and abiding by a descending trendline. We see the potential for a dip from our Pivot at 24.680 in line with 61.8% Fibonacci Projection towards our 1st support at 24.040 in line with 61.8% Fibonacci Projection . Our bearish bias is further supported by prices trading below our ichimoku cloud resistance.
Alternative scenario: If prices were to continue their rally, they can potentially reach our 1st resistance at 25.100 which is in line with 100% Fibonacci Projection .
Fundamentals: With inflation and war tensions might result in a fundamentally upwards bias on the pair. As FA and TA are in conflict, we would advise investors to be prudent in trading the precious metal.
Type: Bearish dip
Resistance : 25.100
Pivot: 24.680
Support : 24.040
Preferred case: Prices are on bearish momentum and abiding by a descending trendline. We see the potential for a dip from our Pivot at 24.680 in line with 61.8% Fibonacci Projection towards our 1st support at 24.040 in line with 61.8% Fibonacci Projection . Our bearish bias is further supported by prices trading below our ichimoku cloud resistance.
Alternative scenario: If prices were to continue their rally, they can potentially reach our 1st resistance at 25.100 which is in line with 100% Fibonacci Projection .
Fundamentals: With inflation and war tensions might result in a fundamentally upwards bias on the pair. As FA and TA are in conflict, we would advise investors to be prudent in trading the precious metal.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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