Silver Price Analysis: XAU/USD stalls in the strong bullish surge

• Silver has reached a level of supply following a strong bullish impulse. 
• Bears are lurking and there are prospects of a meaningful correction. 

XAG/USD has been in the hands of the bulls in a week that has seen the price skyrocket from out of consolidation. 

The following is a top-down analysis that illustrates where the next opportunity may arise from a swing trading perspective. 

Monthly chart

The monthly price action has retested the neckline of the W-formation and the market can be expected to continue higher longer-term.

Weekly chart

An upside continuation can be expected at this juncture on the weekly chart, but the daily chart offers a bearish prospect. 

Daily chart

There is an overextended W-formation on the daily chart which opens prospects of a correction to the prior resistance. 

4-hour chart

The bears can target the daily prior resistance once the conditions of the market are indicated bearish.

The target lines up with a 50% mean reversion of the daily impulse.