Ultima Markets[Market Analysis] Silver is unbeatable at high altitudes and vigilant against downward trends...

Today's Focus on Varieties--silver。

Fundamentally,Strong consumer data in the United States and still stable and highPCEThe data has led to a recent rebound in the US dollar index. Affected by this,goldSilver has started to decline, and today we need to wait for the release of this week's key data - the non farm employment report. Due to ongoing concerns in the market that the US economy may not have a soft landing, this week's non farm decision will determine whether there will be similar signals, which will be the key to determining the trend of precious metals.

Technically,Silver is expected to start a strong bullish trend as expected on Tuesday, but the current bullish sentiment needs to slow down. The daily cycle has hit a downward trend, forming a clear upward shadow, and the random fluctuation indicator also suggests the strength of bears.

(Silver daily cycle, sourceUltima Markets MT4）

But due to two consecutive days of decline, it did not break through24.37At this critical support position, there is still a possibility of silver rebounding and fluctuating during the Asian session today.

(Silver)4Hourly cycle, sourceUltima Markets MT4）

switch4The hourly cycle is relatively clear, and there is already a certain structure of building a roof in the market, which is currently hindered by the resistance line that broke through in the early stage.

(Silver)1Hourly cycle, sourceUltima Markets MT4）

1The high point of silver is continuously decreasing in the hourly cycle. The moving average group has also begun to converge, and there is a probability of further downward trend in the market after the oscillation is completed. The first goal is the following200Periodic moving average.

(Silver)1Hourly cycle, sourceUltima Markets MT4）

according toUltima Markets MT4InpivotIndicator, daily central price level24.491，

24.491Upward bullish, first goal24.615Second objective24.801

24.491Under bearish, first target24.308Second objective24.185

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