XAG/USD bulls struggle to break beyond bearish commitments. A bearish bias is firming up on the 4-hour timer frame. As per the analysis earlier in the week, Silver Price Analysis: Bears about to take back control?, the price of silver is being held up at a key area of confluence: 4-hour chart As expected, the price is resisted at the overextended M-formation’s neckline and confluence between the 38.2%Fibonacci and a 50% mean reversion area. Repeated failures here would be expected to see the precious metal decline into a longer-term support structure as identified in the prior analysis on the weekly and daily charts as follows: Daily charts The chart above was Wednesday’s illustration of the market structure depicting the bearish bias. The chart below is the current state of play. The prior day’s wick is expected to be filled in on the lower time frames in a downside extension contesting the 4-hour bullish correction. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Cryptocurrencies Price Prediction: Bitcoin, Polkadot & Ripple – American Wrap 7 January FX Street 11 months XAG/USD bulls struggle to break beyond bearish commitments. A bearish bias is firming up on the 4-hour timer frame. As per the analysis earlier in the week, Silver Price Analysis: Bears about to take back control?, the price of silver is being held up at a key area of confluence: 4-hour chart As expected, the price is resisted at the overextended M-formation's neckline and confluence between the 38.2%Fibonacci and a 50% mean reversion area. Repeated failures here would be expected to see the precious metal decline into a longer-term support structure as identified in the prior analysis on the weekly and daily charts… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
