Silver Price Analysis: Bears stepping in at daily resistance

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  • Silver is on the offer, drifting lower following a daily spike. 
  • Bears can target an hourly 38.2% or a daily 38.2% deeper down the bullish impulse. 

XAG/USD is giving up some ground made on the day as the New York session comes to a close on profit-taking. A quiet Asian session could leave the downside exposed for a drift lower before European traders come online.

A near term target for the bears coincides with the daily 38.2% Fibonacci retracement of the bullish impulse that meets the prior resistance at the round $25.50 psychological level.

On the hourly chart, the 38.2% Fibo is somewhat higher:

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