Silver Price Analysis: XAG/USD bears take control below new 15-min resistance – FXStreet

  • XAG/USD bears eye a downside extension, so far so good. 
  • The price has developed new bearish structure on the hourly and 15 min time frames. 

As per the prior analysis, Silver Price Analysis: XAG/USD is correcting but could be headed for fresh low, the bears are taking control as forecasted.

The price has created a fresh 15-min resistance. A downside extension could evolve below it.

Prior analysis

”…there are the prospects of a downside extension still for the forthcoming sessions.”

Hourly chart

XAG USD%20 %202021 06 03T140735.263 637583481112535463

”As noted on the hourly time frame, the correction has met prior hourly support that would be expected to now act as resistance given the confluence of the 50% mean reversion level of the bearish impulse. 

A subsequent rejection could lead to a lower low.”

15-min chart

XAG USD%20 %202021 06 03T141057.774 637583481380381066

”From a 15-min vantage point, we can see that the price will need to break below the current support structure first which would be expected to act as resistance on a retest.”

Live markets 1-hour & 15-min charts

 XAG USD%20 %202021 06 03T200105.167 637583688777562053

15-min chart 

XAG USD%20 %202021 06 03T195928.912 637583689677654658

Bears should have moved stops to entry for a breakeven scenario at this juncture for a free ride to target. 

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