FX.co ★ lstanton | XAG/USD, SILVER

Silver SILVER (H1) is trading above the daily open level of 56.43 and above the daily Pivot level of 56.45. The main indicators are pointing north and the price is above the MA72 trendline, where volume unloading usually takes place. A rise in price above the 58.00 level will allow the price to move to the 58.50 level or even higher to 59.50 and above. Below the 58.00 level the pair will head south to the 57.50 level and may go even lower to 56.76 and below. The pair is trading below the monthly Pivot level of 63.75 (previous 78.80), above the weekly Pivot level of 56.76 and above the daily Pivot level, which tells us there is strong corrective sentiment on the pair. The fork at this hour of the session is the 58.00 level. First resistance is 58.50, first support is 57.50.