XAG/USD breaks structure to the downside, bears motivated – Crypto News – Crypto News
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Silver price tanks below $19.00 on Powell's comments, sour sentiment Silver price tanks below $19.00 on Powell's comments, sour sentiment

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XAG/USD breaks structure to the downside, bears motivated – Crypto News

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2 years ago

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  • Silver bears are licking their lips at key structures.
  • The 38.2% Fibo is playing its resistance role.

Silver shot up in a correction on Friday with a high of $22.844 from the low of $22.3474. The bulls are correcting the week’s sell-off into the month’s end. The focus is on the Federal Reserve as data continues to offer mixed messages. The Federal Reserve’s preferred inflation gauge rose 0.3% MoM, in line with forecasts and below 0.4% in April while the annual core rate slowed to 4.6% and the headline pce The rate reached the lowest in nearly two years.

This came in contrast to this week’s firmer data, profit-taking has ensued as the following illustrates:

silver weekly chart

We are seeing a classic rejection of the M-formations neckline followed by a bearish continuation to crack structure to the downside.

silver daily chart

A bullish correction is in play to test a 38.2% Fibonacci that is so far acted as resistance. Bears are eyeing prospects of a downside continuation for the days ahead.

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