Precious metals poised for more upside, but slipping on the session; Silver holds above critical pivot point

• Both gold and silver have been under pressure due to investor's appetite for risk returning following a number of political and economic fundamentals kicking in lifting spirits.
• The dollar is under pressure through the North American session due to, a) Powell's dovish rhetoric on Friday and b) a downbeat U.S. ISM nonmanufacturing data pressuring the greenback.

Silver prices have been tracking the performance in both gold and the US dollar and silver has cracked the 23.6% Fibo and daily pivot point just above. Despite a strong American jobs report, the greenback is losing its carry appeal following Jerome Powell, last Friday, speaking and essentially put the brakes on the market's expectations of Fed rate hikes in the immediate future. Plus, the resumption of US-China trade talks has given investor's a boost of confidence in the prospects for global growth which has also stripped the appeal of safe havens and precious metal prices. 

Silver levels

Technically, the price of silver is through the 23.6% retracement Fibo of the summer 2016 highs declines to date located at 15.67 with the confluence of the weekly 50 SMA which also meets the December 2017 double bottom lows. The upside bias is supported with a rising weekly RSI and positive MACD. However, daily RSI is struggling in overbought territory with the price at a critical resistance level. so long as the price can keep above the pivot, R1 that protects the 16 handle is likely to come under pressure.