Silver (XAG/USD) price may have formed a Bear Flag pattern on the 4-hour chart with negative implications for the precious metal’s price going forward.
Silver price is still probably forming a Bear Flag pattern on the 4-hour chart. The pattern indicates a probable continuation of the bearish trend to targets substantially lower. Support from a long-term support and resistance level at $25.80 is likely to provide a floor for any sell-off. Silver price may have formed a Bear Flag pattern on the 4-hour chart with negative implications for the precious metal’s price going forward.
In this case the pole is the decline between April 19-23. The Fibonacci 0.618 ratio of the pole gives a conservative target at roughly $26.30. If Silver price falls the whole length of the pole , however, it will reach a more optimistic target of around $25.50. Tough support from a long-term upper range boundary line at about $25.80, however, is likely to offer support before Silver price reaches the lower target for the Bear Flag. A break below the $26.
XAGUSD Technical Analysis Silver
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