Open:
High:
Low:
Close:
PENNANT
Silver
XAG/USD
4H
A pennant is close to being completed.
A pennant typically signals a next move down when price breaks out to the the downside.
Silver accelerates losses to the 57 mark on a downside break as minor hurdle remains at 57.4.
FALLING WEDGE
Silver
XAG/USD
1H
There is a falling wedge detected.
A falling wedge typically predicts that the price to go up once price breaks above resistance.
Silver aims to complete a retracement towards 59 on a breakout of the falling wedge as the commodity becomes bid.
RECTANGLE
Silver
XAG/USD
1H
A rectangle has been uncovered, the price is breaking out.
If price breaks out to the the upside, the move could identify an extension in the upward direction.
A move to the 59.5 mark is about to happen.
FALLING WEDGE
Silver
XAG/USD
4H
A falling wedge has been encountered, the price is ready to break out.
A falling wedge indicates that the price to go up once price breaks out.
It is possible that a bullish price action towards the 60 mark will form on impulse above 59.
ASCENDING CHANNEL
Silver
XAG/USD
1H
There is an ascending channel encountered.
An ascending channel can be thought of as a useful bearish indicator that can be used to indicate a further move down when price breaks out.
Silver risks further downside to 57 as upside pressure mitigates.
RECTANGLE
Silver
XAG/USD
1H
It looks like a rectangle is almost finished.
A rectangle typically predicts that the price to go long if price breaks through the resistance.
Silver to grind higher to 58.5 on a break above 58.3.
BEARISH FLAG
Silver
XAG/USD
1H
It looks like the price sets up a bearish flag, the price needs bigger push down for the certainty of breakout.
A bearish flag is a compelling chart indicator that spots a further move down when price breaks below support.
It is likely that a bearish price action to 57 will occur once below 57.3.
DESCENDING CHANNEL
Silver
XAG/USD
1H
A descending channel has been detected, silver requires a strong bullish impulse as an indication of a breakout.
A descending channel describes a price indicator that predicts a move up in case if price breaks above resistance.
There is a possibility of a rangebound towards 58 on a breach of 57.8 as the commodity challenges 57.8 hurdle.
BULLISH FLAG
Silver
XAG/USD
1H
A bullish flag arises.
A bullish flag identifies a chart formation that can be used to predict a next move up if price breaks above resistance.
It is likely that a move towards 57.5 will occur as extra rangebound not ruled out.
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