The XAGUSD pair is currently at 22.685, and silver is very close to experiencing a significant movement in either direction.

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• Silver is on the verge of a break one way or the other.

Silver is at a crossroads midweek and has made a correction into a 38.2% Fibonacci level and meeting the old lows where the structure was recently broken in the bearish impulse. The following will illustrate the market structure on the daily and 4-hour timeframes.

This may serve as resistance but there is an imbalance, the greyed area above that aligns with a prior resistance and around a 50% mean reversion target. The bears are relying on a lower high to form.

The 4-hour chart shows the price resisted which may serve as a lower daily high. On the other hand, the bulls could be about to make their moves and form a higher low with the price imbalance above as a target that aligns with the 50% mean reversion and then the 61.8% Fibonacci retracement level.

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