Silver Price Analysis: Bulls looking for a run to $24.00
|- XAG/USD bulls are moving in on following a sharp sell-off.
- The weekly M-formation is compelling as with eyes on 24 the figure.
Silver is rising in a corrective phase. The weekly M-formation is drawing the bulls in towards the neckline near 23.89. However, we have seen a sharp weekly rejection to the downside near 23.50.
Silver weekly chart
The bulls will need to step up at this juncture as the price heads towards a dynamic support area on the lower time frames as follows:
Silver H4 chart
As illustrated, the price is climbing within a bullish channel. The 22.60s is offering support and bulls need to now tale control beyond the 23.40s.
Silver, H1 chart
Froman hourly perspective, the price is taking on the 200 EMA following a sharp move into the end of December order block near the lows of the day. A break of the 200 EMA will leave the bulls in good stead to take back control with the broader corrective trend. A break of the resistance will open risk to the M-formation's neckline as illustrated above. Bulls can target 24.00:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.