Silver Price Analysis: Bulls gunning for weekly targets

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  • Silver is on the brink of a significant recovery if the dollar stays down.
  • DXY is lacking conviction as it attempts to correct, but 92.20 is key. 

Silver has been recovering of late as the US dollar struggles to pick up bids above 92.20:

The following is an analysis on the weekly charts for silver:

XAG/USD’s price is making a case for further gains back towards the 50% mark if the weekly drop near $25.70.

However, only a break above the 61.8% Fibo near $25.90 of the weekly bearish impulse will leave the bulls in good stead for higher highs.

Bulls could then seek to target back above the weekly counter trendline and within the bullish trend.

On the flip side, a break of $24.50 will open levels on the way to test the $22 area.

Source fxstreet

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