June 7, 2023

Bulls looking for a run to $24.00

  • XAG/USD bulls are moving in on following a sharp sell-off. 
  • The weekly M-formation is compelling as with eyes on 24 the figure. 

Silver is rising in a corrective phase. The weekly M-formation is drawing the bulls in towards the neckline near 23.89. However, we have seen a sharp weekly rejection to the downside near 23.50.

Silver weekly chart

The bulls will need to step up at this juncture as the price heads towards a dynamic support area on the lower time frames as follows:

Silver H4 chart

As illustrated, the price is climbing within a bullish channel. The 22.60s is offering support and bulls need to now tale control beyond the 23.40s. 

Silver, H1 chart

Froman hourly perspective, the price is taking on the 200 EMA following a sharp move into the end of December order block near the lows of the day. A break of the 200 EMA will leave the bulls in good stead to take back control with the broader corrective trend. A break of the resistance will open risk to the M-formation’s neckline as illustrated above. Bulls can target 24.00:

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