SILVER FUTURES (SILVER1!), H1 Potential for Bullish Momentum
Type : Bullish Rise
Resistance : 62338
Pivot: 61354
Support : 60446
Preferred Case: On the H1, price is moving above the ichimoku cloud and has broken out from descending trendline which supports our bullish bias that price will rise from the pivot at 61354 where the swing low support is to the 1st resistance at 62338 in line with the swing high resistance,100% fibonacci projection, 78.6% fibonacci retracement and 161.8% fibonacci extension .
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 60446 in line with the overlap support and 61.8% fibonacci projection.
Fundamentals: As investors are seeking to hedge against inflation , we have a weak bullish view on silver .
Resistance : 62338
Pivot: 61354
Support : 60446
Preferred Case: On the H1, price is moving above the ichimoku cloud and has broken out from descending trendline which supports our bullish bias that price will rise from the pivot at 61354 where the swing low support is to the 1st resistance at 62338 in line with the swing high resistance,100% fibonacci projection, 78.6% fibonacci retracement and 161.8% fibonacci extension .
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 60446 in line with the overlap support and 61.8% fibonacci projection.
Fundamentals: As investors are seeking to hedge against inflation , we have a weak bullish view on silver .