Silver (XAG/USD) price has broken out of the Bear Flag continuation price pattern it has formed on the 4-hour chart, declined and reached the conservative target for the pattern.
Silver price has broken out of a Bear Flag pattern and met its conservative target. Support from a long-term support and resistance level at around $25.80 is likely to provide a floor for the sell-off. Despite the sell-off, the ultimate target at $25.50 for the bearish pattern has yet to be reached. Silver price has broken out of the Bear Flag continuation price pattern it has formed on the 4-hour chart, declined and reached the conservative target for the pattern.
4-hour Chart According to technical analysis theory, the expected move down from a Bear Flag is equal to the length of the preceding “pole” which in this case is the decline between April 19-23. This gives an eventual target of around $25.50. The Fibonacci 0.618 ratio of the pole provides a conservative target at roughly $26.30 which has already been met. Tough support from a long-term upper range boundary line at about $25.80, however, is likely to offer support.
XAGUSD Technical Analysis Silver
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