Silver Price Analysis: Bears look to the 78.6% Fibo near 23.20

Silver is in the hands of the bears, looking for a deeper test of old resistance.
Bulls eye the 4-hour resistance structures ahead for prospects of a bullish contiuaiton.

Ross J Burland FXStreet

Silver, XAG/USD, has been taken lower by the rise in the US dollar and hawkish comments from the Federal Reserve's chairman, Jerome Powell. The bears are in control and there is a focus on the prior resistances that are currently being challenged in this downside extension.

XAG/USD daily chart

The 78.6% Fibonacci retracement is eyed near 23.20. A commitment for the bulls there will raise prospects of a build back into the 23 and 24 areas for the days ahead. A break above 24 the figure will be essential in this respect:

XAG/USD H4 chart

The 4-hour chart shows that there is a structure that the bulls will need to conquer if a bullish daily extension is to evolve over the coming days. This is located between 23.60 and 24.00.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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