Below 1 July business, the price of silver is in the hands of the bears.
Bulls must commit at this point or risk being squeezed to the downside.
On the daily charts, silver has been rejected to the upside and is now taking on the bull’s obligations in a familiar location.
Both a bullish and bearish situation is depicted in the following study.
The price has rebounded to a 38.2 percent Fibonacci retracement area, which coincided with the 20 EMA: 20 EMA: 20 EMA: 20 EMA: 20 EMA: 20 EMA: 20 EMA: 20 EMA: 20 EMA: 20 EMA: 20 EMA: 20 EMA
As a result, the price has struggled to hold the bid and has fallen back to test the bull’s commitments in the daily support structure at today’s lows.
Should they hold, a retest of the highs and a deeper 50 percent mean reversion correction of the June sell-off to 26.91 are likely.
Meanwhile, because the price has genuinely broken structure on the July 1 daily candle, there is a case for the downside as well:/n
Read More
