Silver Price Analysis: Bulls move in on critical resistance

Silver bulls test the daily resistance and ride the dynamic support.
DXY falls to test the critical daily support.

Ross J Burland FXStreet

As per the prior analysis, Silver Price Analysis: XAG/USD bulls back at it again, silver has started out the week in the hands of the bulls.

Prior analysis, daily and 4-hour charts

Live market analysis, 4-hour chart

As illustrated, the price has pierced the dynamic resistance and subsequently moved up to test the horizontal resistance and prior 4-hour highs.

The price has also fallen back to test the support structure and bullish Momentum would be expected to drive the price on to reach fresh daily highs in a new daily bullish impulse.

Daily chart

The next hurdle is the current daily resistance.

Judging by the price action in the DXY, so far, there are prospects of a bullish continuation in the precious metals arena.

However, the DXY needs to break the current daily support as follows:

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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