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
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There has been a significant correction of the latest bullish impulse and the continuation of the upside could now be in order.
Weekly chart
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The weekly W-formation's correction has been completed and the bias flips to the upside here as well.
Daily chart
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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.
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.
