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.
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.
