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.