XAG/USD is in the hands of the bulls, breaking 4-hour resistance
|- Silver is trapped between daily support and resistance.
- Bulls are taking on the bears from hourly support.
XAG/USD has broken a significant EMA on the 4-hour time frame which could result in a continuation towards daily resistance without giving back more ground to a 38.2% Fibonacci retracement of the daily impulse.
The following illustrates the market structure and latest price action:
Daily chart
Silver is destined to move higher as the price meets demand from the support structure and the confluence of counter-trendline as it pierces the 21-day EMA.
4-hour chart
However, the price would be expected to test prior resistance and the 21-EMA on the 4-hour time frame.
1-hour chart
Meanwhile, there is a build-up of support on the hourly time frame which is guarding a deeper retracement.
Failures to break the support would be expected to result in an upside continuation to the daily resistance target.
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.