Silver Price Analysis: XAG/USD's 4-hour chart shows bearish continuation pattern


  • Silver's hourly chart shows a bear flag breakdown. 
  • The bearish continuation pattern indicates scope for a deeper drop.

Silver, a semi-precious metal, looks south, with the 4-hour chart showing a bear flag breakdown, a bearish continuation pattern. 

The metal dived out of the bear flag late Wednesday, confirming a resumption of the sell-off from recent highs near $28. The metal's rejection at $25.50 seen early today reinforced the breakdown. 

As such, a re-test of the Jan. 11 low of $24.31 looks likely. A move above the flag high of $25.68 would invalidate the bearish setup. A failed bear flag breakdown is considered a strong bullish signal and could yield a rally to levels above $26.50. 

At press time, silver is trading at $25.13 per ounce.

Hour;y chart

Trend: Bearish

Technical levels

XAG/USD

Overview
Today last price 25.13
Today Daily Change -0.12
Today Daily Change % -0.48
Today daily open 25.24
 
Trends
Daily SMA20 26.13
Daily SMA50 24.93
Daily SMA100 25.01
Daily SMA200 22.18
 
Levels
Previous Daily High 25.69
Previous Daily Low 25.13
Previous Weekly High 27.92
Previous Weekly Low 24.47
Previous Monthly High 27.41
Previous Monthly Low 22.59
Daily Fibonacci 38.2% 25.34
Daily Fibonacci 61.8% 25.47
Daily Pivot Point S1 25.02
Daily Pivot Point S2 24.79
Daily Pivot Point S3 24.46
Daily Pivot Point R1 25.57
Daily Pivot Point R2 25.91
Daily Pivot Point R3 26.13

 

 

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