Silver Price Analysis: Bulls in charge for the open – FXStreet

  • Silver is in the hands of the bulls for the open.
  • Bulls can target the neckline of the daily M-formation’s neckline. 

The daily chart has formed a bullish M-formation from which bulls can exploit from an hourly vantage point for bullish conditions and an optimal entry. 

Daily chart

From an hourly perspective, the immediate resistance would be expected to come under pressure, bringing the price in line with the 21-moving average bringing MACd into positive territory and opening the prospects of a continuation to the 61.8% Fibonacci retracement of the bearish impulse.

Hourly chart

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