FX.co ★ lstanton | XAG/USD, SILVER

Silver SILVER (H1) is trading below the daily open at 58.70 and near the daily Pivot level at 58.39. The main indicators are pointing south and the price is below the MA72 trend line, where unloading by volume usually takes place. A rise in price above 58.39 will allow it to move to 59.06 or even higher to 60.10 and above. Below 58.39 the pair will head south to 58.12 and may go even lower to 57.00 and below. The pair is trading below the monthly Pivot at 63.75 (previous 78.80), below the weekly Pivot at 60.10 and near the daily Pivot level, which tells us the pair has a bearish bias. The fork at this point in the session is the daily Pivot level at 58.39. First resistance is 59.06, first support is 58.12.