Silver bears are eagerly anticipating the significant market formations at the price point of $22.770 for XAGUSD (the exchange rate between silver and the US dollar).
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- Silver bears are licking their lips at key structures.
Silver shot up in a correction on Friday with a high of $22.844 from $22.3474 the low. The bulls are correcting the week’s sell-off into 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 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:
We are seeing a classic rejection of the M-formations neckline followed by a bearish continuation to crack structure to the downside.
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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