Silver Price Analysis: Bulls move in on critical resistance
|- Silver bulls test the daily resistance and ride the dynamic support.
- DXY falls to test the critical daily support.
As per the prior analysis, Silver Price Analysis: XAG/USD bulls back at it again, silver has started out the week in the hands of the bulls.
Prior analysis, daily and 4-hour charts
Live market analysis, 4-hour chart
As illustrated, the price has pierced the dynamic resistance and subsequently moved up to test the horizontal resistance and prior 4-hour highs.
The price has also fallen back to test the support structure and bullish Momentum would be expected to drive the price on to reach fresh daily highs in a new daily bullish impulse.
Daily chart
The next hurdle is the current daily resistance.
Judging by the price action in the DXY, so far, there are prospects of a bullish continuation in the precious metals arena.
However, the DXY needs to break the current daily support as follows:
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