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.

Omkar Godbole FXStreet Contributor

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

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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