Silver Price Analysis: Bulls take back control within channel

Silver is higher and bulls are taking over control within the channel.
A breakout of structure is occurring, bid above $25.00.

Ross J Burland FXStreet

As per the prior analysis, Silver Price Analysis: US Dollar´s bearish correction could still support, but bears are moving in, a downside bias was forecasted while being on the backside of the bearish trend:

Silver, prior analysis

Zooming in:

Silver had corrected into a 61.8% Fibonacci area and was being rejected toward trendline support. However, the confirming break-of-structure-point was not until $24.9332 to confirm the downside bias.

Silver H1 chart, prior analysis

Silver, live updates

The telegraphed move came eventually. However:

The price moved right back into the shorts and has traded within a channel. A current break in the structure to the upside is unfolding and there are prospects of a move to the upside again as illustrated above.

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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