Silver is on the brink of a significant move either to the downside or upside according to the following analysis of the weekly and daily charts.
Silver weekly chart
The weekly dojis of last week and in this week's that is in progress are a bullish prospect for the weeks ahead which could lead to a symbolic move higher. However, the 20 EMA crossing the 50 EMA is compelling and highly bearish as the price hovers over thin ice looking into the abyss. A break here would open risk to the 200-week EMA near $20.82.
Silver daily charts
We have seen a failed attempt to move higher in the daily chart and that has resulted in the W-formation running aground in Monday's candle. That is bearish.
The daily chart is also bearish with the 38.2% Fibonacci offering resistance in the correction and the current daily candle opening prospects of the wick being fille din on lower timer frames for the sessions ahead. The bears can target the -272% Fibonacci retracement of the correction's range near $21.48 in the first instance ahead of the weekly 200 EMA on a break of the $21 figure.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.