XAG/USD is in the hands of the bulls, breaking 4-hour resistance

• Silver is trapped between daily support and resistance.
• Bulls are taking on the bears from hourly support.

XAG/USD has broken a significant EMA on the 4-hour time frame which could result in a continuation towards daily resistance without giving back more ground to a 38.2% Fibonacci retracement of the daily impulse. 

The following illustrates the market structure and latest price action:

Daily chart

Silver is destined to move higher as the price meets demand from the support structure and the confluence of counter-trendline as it pierces the 21-day EMA. 

4-hour chart

However, the price would be expected to test prior resistance and the 21-EMA on the 4-hour time frame. 

1-hour chart

Meanwhile, there is a build-up of support on the hourly time frame which is guarding a deeper retracement. 

Failures to break the support would be expected to result in an upside continuation to the daily resistance target.