Silver (CME) (MAY4) intraday: look for a drop towards 26.85 before a bounce
Our pivot point stands at 26.85.
Our preference: look for a drop towards 26.85 before a bounce.
Alternative scenario: below 26.85, expect 26.67 and 26.50.
Comment: the RSI is above 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI would call for further downside. Silver (CME) (MAY4) is trading under its 20 period moving average (27.41) but above its 50 period moving average (27.35).
Supports and resistances:
28.18 **
28.01 *
27.71 **
27.60
27.40 last
27.02
26.85 **
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