- XAG/USD bulls in play but need to get and stay above 4-hour resistance.
- Daily M-formation’s neckline and confluence offer a compelling target to the upside.
Silver’s daily chart is compelling considering the M-formation, which is a bullish chart pattern.
This offers a confluence of the neck-line, the 10-day EMA and a 50% mean reversion of the daily bearish impulse. This area resides around $27.3000.
Daily chart
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From a 4-hour perspective, the price is submerged below a bearish 10 EMA and resistance from session highs.
Therefore, the immediate bias is to the downside, especially with price below the 21-moving average.
A -272% Fibonacci retracement of the day’s corrective range and the 4th Feb lows come in at $25.83/8770 as a downside target.
4-hour chart
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