Silver Price Analysis: Bears tiring, focus is on a sizeable correction


  • Bulls stepping back in and seeking a significant correction of the daily bearish impulse.
  • The long-term charts are offering a bullish bias as well.

In a follow-up to prior analysis, Silver prices have been stalling on the downside following a series of bearish daily closes and what might be perceived as an oversold market.

This gives rise to prospects of a sizeable correction and the following is a top-down analysis that illustrates the market's structure and price action of late. 

Monthly chart

There has been a significant correction of the latest bullish impulse and the continuation of the upside could now be in order. 

Weekly chart

The weekly W-formation's correction has been completed and the bias flips to the upside here as well. 

Daily chart

Bulls will note the Fibonacci retracement levels with the price completing the correction of the weekly W-formation.

The 38.2% Fibo has a confluence of an old structure. 

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.

Feed news

Stop losing your money! 
Learn to trade with us!

24/7 signals + Webinars    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD pressured below 1.1900 amid virus concerns, USD rebound

EUR/USD is trading under pressure below 1.1900 amid US dollar rebound. A softer risk tone, Powell’s upbeat comments extend support to the greenback. ECB Panetta's remarks kept the euro bulls on the defensive and capped gains.

EUR/USD News

GBP/USD falls toward 1.3650 amid stronger USD, risk-off mood

GBP/USD pair is extending losses toward 1.3650, as the US dollar recovers ground across the board amid risk-aversion. Worries about the AstraZeneca covid vaccine and unrest in Northern Ireland further weigh on the spot.

GBP/USD News

$1,730 holds the key for XAU/USD bulls amid a modest USD strength

A modest pickup in the USD demand exerted pressure on gold for the second straight session. The risk-off mood, softer US bond yields extended some support and might help limit losses.

Gold News

Dogecoin pauses before continuing 35% ascent

Dogecoin breached an ascending triangle pattern on April 11, triggering a bull run. DOGE spiked nearly 17% in a single candle on the 12-hour chart hitting $0.080. Now, a retracement to the immediate support level at $0.071 seems likely before it starts to climb again.

Read more

S&P 500 Week Ahead: Bears hibernate as records keep getting smashed, earnings season awaits

Equity markets continue to set new records as the Nasdaq plays catch up. Fundamentals are backing bulls as Fed doves dampen inflation concerns. Earnings week ahead will likely add more fuel to the fire.

Read more

Forex MAJORS

Cryptocurrencies

Signatures