Silver Price Analysis: XAG/USD bulls coming up for final attempt?
|- Silver is painfully slow moving on the upside, failing to convince higher.
- However, there is a possible build up of bids from dynamic support favouring a final breakout attempt.
The price action has been painfully sideways and choppy for the bulls, testing their commitments at a key support structure.
Bulls are resting on the daily dynamic rising trendline support, the prior 4-hour lows as well as the daily mid-May resistance and the 10-day EMA.
However, the danger here is the buld up of bearish structure on the daily chart following failures to break the resistance multiples times.
Bulls need to see a break of 28.07 as the 78.6% Fibonacci retracement of the latest 4-hour bearish run and prior support that would be expected to act as resistance.
A break of dynamic daily support leaves the outlook sideways at best, if not bearish for the immediate future.
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