Silver bears are taking on the bullish correction that has so far made a 50% mean reversion of the prior bearish impulse.

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• Silver bears are taking on the bullish correction that has so far made a 50% mean reversion of the prior bearish impulse.
• A downside extension towards $22.7250, $22.6070 and $22.4655 could be on the cards.

Silver has been on the back foot due to a rise in the US Dollar following hawkish outcomes from the central bank meetings this week. XAU/USD bears are on the prowl and have already tested a key area of the support structure. If the bears can fend off the bull’s correction below $23.2070, then there will be near-term prospects of a downside continuation. Analysts at TD Securities argued that a break below the $22.50/oz mark is needed for trend followers to flatten out their remaining length.

Zoomed in:

The bears are taking on the bullish correction that has so far made a 50% mean reversion of the prior bearish impulse near $23.2070. Should the bears commit, then a downside extension towards $22.7250, $22.6070 and $22.4655 will be on the cards.

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