04.02.202606:51 Forex Analysis & Reviews: Silver has the potential to be pressured down to its nearest support level today

[Silver]

Even though the RSI(14) indicator for silver is at the Neutral Bullish level, but the two EMAs crossing the Death Cross indicate that silver has the potential to weaken towards its nearest support level.

Key Levels

1. Resistance. 2 : 94.363

2. Resistance. 1 : 89.702

3. Pivot : 84.418

4. Support. 1 : 79.757

5. Support. 2 : 74.473

Tactical Scenario

Pressure Zone: If the price of Silver breaks down below 84.418, it may be pressured toward 79.757.

Momentum Extension Bias: If 79.757 is breached, there is potential to test 74.473.

Invalidation Level / Bias Revision

The downside bias is contained if Silver breaks and closes above 94.363.

Technical Summary

EMA(50) : 85.451

EMA(200): 92.060

RSI(14) : 56.45

Economic News Release Agenda:

Tonight, during the U.S. session, the following economic data will be released:

US - ADP Non-Farm Employment Change - 20:15 WIB

US - Final Services PMI - 21:45 WIB

US - ISM Services PMI - 22:00 WIB

US - Crude Oil Inventories - 22:30 WIB