Silver is trapped between daily support and resistance. Bulls are taking on the bears from hourly support. XAG/USD has broken a significant EMA on the 4-hour time frame which could result in a continuation towards daily resistance without giving back more ground to a 38.2% Fibonacci retracement of the daily impulse. The following illustrates the market structure and latest price action: Daily chart Silver is destined to move higher as the price meets demand from the support structure and the confluence of counter-trendline as it pierces the 21-day EMA. 4-hour chart However, the price would be expected to test prior resistance and the 21-EMA on the 4-hour time frame. 1-hour chart Meanwhile, there is a build-up of support on the hourly time frame which is guarding a deeper retracement. Failures to break the support would be expected to result in an upside continuation to the daily resistance target. 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 Forex Today: Dollar suffers from upbeat US data FX Street 2 years Silver is trapped between daily support and resistance. Bulls are taking on the bears from hourly support. XAG/USD has broken a significant EMA on the 4-hour time frame which could result in a continuation towards daily resistance without giving back more ground to a 38.2% Fibonacci retracement of the daily impulse. The following illustrates the market structure and latest price action: Daily chart Silver is destined to move higher as the price meets demand from the support structure and the confluence of counter-trendline as it pierces the 21-day EMA. 4-hour chart However, the price would be expected to… 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.
