Silver (XAG/USD) price may have formed a Bear Flag pattern on the 4-hour chart which bodes ill for the precious metal’s price going forward.
Silver price may have formed a Bear Flag pattern on the 4-hour chart. The pattern suggests a continuation of the bearish trend to targets substantially lower. Support from a relic of long-term support and resistance 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 which bodes ill for the precious metal’s price going forward. 4-hour Chart After forming a multiple shouldered Head and Shoulders topping pattern at the $30.
70 Silver price has consolidated forming a rectangle pattern. Taken together with the prior sharp decline the whole formation resembles a Bear Flag pattern. According to technical lore, the expected move down from a Bear Flag equals the length of the preceding “pole” or a Fibonacci ratio of the pole. In this case the pole is the decline that followed the completion of the H&S pattern. The Fibonacci 0.
XAGUSD Technical Analysis Silver
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