Type:
Bullish Rise
Key Levels:
Resistance: 62005
Pivot: 61328
Support: 61328
Preferred Case:
With price moving within the ascending trend channel and above the ichimoku cloud, it supports our bullish bias that price will bounce off the pivot at 61328 in line with the confluence area with 50% fibonnaci retracement, 23.6% fibonacci retracement and 78.6% fibonacci projection , to the 1st overlap resistance at 62005 in line with the 61.8% fibonacci retracement .
Alternative Scenario:
Price may break the pivot level and drop to the 1st support at 61328 in line with 50% fibonacci retracement and swing low.
Fundamentals:
With increasing concerns over inflation and an upcoming recession, more investors are looking to invest in silver instead of gold, with India's export on silver being record high in recent months.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.