Silver Price Analysis: Bears tiring, focus is on a sizeable correction

Bulls stepping back in and seeking a significant correction of the daily bearish impulse.
The long-term charts are offering a bullish bias as well.

Ross J Burland FXStreet

In a follow-up to prior analysis, Silver prices have been stalling on the downside following a series of bearish daily closes and what might be perceived as an oversold market.

This gives rise to prospects of a sizeable correction and the following is a top-down analysis that illustrates the market's structure and price action of late.

Monthly chart

There has been a significant correction of the latest bullish impulse and the continuation of the upside could now be in order.

Weekly chart

The weekly W-formation's correction has been completed and the bias flips to the upside here as well.

Daily chart

Bulls will note the Fibonacci retracement levels with the price completing the correction of the weekly W-formation.

The 38.2% Fibo has a confluence of an old structure.

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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