Silver Price Analysis: Bulls in charge for the open

Silver is in the hands of the bulls for the open.
Bulls can target the neckline of the daily M-formation's neckline.

Ross J Burland FXStreet

The daily chart has formed a bullish M-formation from which bulls can exploit from an hourly vantage point for bullish conditions and an optimal entry.

Daily chart

From an hourly perspective, the immediate resistance would be expected to come under pressure, bringing the price in line with the 21-moving average bringing MACd into positive territory and opening the prospects of a continuation to the 61.8% Fibonacci retracement of the bearish impulse.

Hourly chart

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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