XAG/USD Price Analysis: Bears moving in on the bullish commitments at critical support

Silver is testing the bull's commitments at a critical support level.
XAG/USD bulls are banking on the dynamic support to hold and eye a 38.2% Fibo retracement.

Ross J Burland FXStreet

The white metal is correcting the bearish impulse and the bulls are looking to the 38.2% Fibonacci retracement target of $26.60.

The 10-day EMA, however, is capping the price for the meantime and it may take a break there with the confluence of the 4-hour resistance at $26.30 to break the seal towards the daily target.

Also, the price is testing the commitments of the bulls at the dynamic support which is looking less robust as time goes by.

Daily chart

4-hour chart

A break of the dynamic support and then the horizontal support at $25.95 will be significant and leave the bias in the bear's hands.

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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