Silver Price Analysis: Bears stepping in at daily resistance
|- 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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