FX.co ★ lstanton | XAG/USD, SILVER

SILVER, technical analysis. TF W Bulls have driven the price so high that it reached the resistance line of the ascending channel, signaling a potential end to the bullish impulse with a subsequent pullback. Whether this will be a technical rebound or a true correction is not very clear yet, but a move to the south in some form should occur. Indirect signals on TF H4 indicate this: bearish divergence on the Stochastic and a minor one on the MACD; the "Hanging Man" candlestick pattern, which ideally needed confirmation last week to become fully valid, but instead the market "ate up" a good signal by forming subsequent neutral candles that diminish the strength of the reversal pattern.