Silver has reached a level of supply following a strong bullish impulse. Bears are lurking and there are prospects of a meaningful correction. XAG/USD has been in the hands of the bulls in a week that has seen the price skyrocket from out of consolidation. The following is a top-down analysis that illustrates where the next opportunity may arise from a swing trading perspective. Monthly chart The monthly price action has retested the neckline of the W-formation and the market can be expected to continue higher longer-term. Weekly chart An upside continuation can be expected at this juncture on the weekly chart, but the daily chart offers a bearish prospect. Daily chart There is an overextended W-formation on the daily chart which opens prospects of a correction to the prior resistance. 4-hour chart The bears can target the daily prior resistance once the conditions of the market are indicated bearish. The target lines up with a 50% mean reversion of the daily impulse. 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 Bitcoin Price Analysis: BTC bulls battle key short-term resistances above $34,000 FX Street 1 year Silver has reached a level of supply following a strong bullish impulse. Bears are lurking and there are prospects of a meaningful correction. XAG/USD has been in the hands of the bulls in a week that has seen the price skyrocket from out of consolidation. The following is a top-down analysis that illustrates where the next opportunity may arise from a swing trading perspective. Monthly chart The monthly price action has retested the neckline of the W-formation and the market can be expected to continue higher longer-term. Weekly chart An upside continuation can be expected at this juncture on the… Regulated 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.
