Silver Price Analysis: XAG/USD bulls back at it again

Silver is back into the hands of the bulls and this time they could mean business.
A break of the symmetrical triangle resistance should fortify the bullish trajectiory.

Ross J Burland FXStreet

The saga continues at the start of the week with silver bulls coming up for air yet again.

This time, it could be for good according to the following analysis.

In the previous analysis, Silver Price Analysis: XAG/USD bulls coming up for final attempt? it was explained that the ''bulls need to see a break of 28.07 as the 78.6% Fibonacci retracement of the latest 4-hour bearish run and prior support that would be expected to act as resistance.''

With that being said, the price action on Friday made a fresh high and has built a bullish bias above the prior 4-hour resistance for a second day.

This gives rise to prospects of a test of the said resistance structure for the week ahead from which bulls will likely take on with a vengeance considering the pent up demand over the course of a painfully sideways accumulation phase across the daily dynamic support.

Live market analysis, daily and 4-hour charts

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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