$XAGUSD 1H Chart: Bullish Shark Pattern with Target at $31.22

17 בדצמ׳ 2024

XAGUSD

Silver has formed the bullish shark pattern previously anticipated at $30.41. The pattern is now complete, and we saw a pullback below this level to $30.13, establishing a new support. The bullish shark pattern formed at $30.40 has a default target at the 50% Fibonacci retracement level, which is projected at $31.22.

• Bullish shark pattern formed at $30.41.
  
• Price pulled back to $30.13, establishing new support.
  
• Target level for the pattern: $31.22.
  

19 בדצמ׳ 2024

עסקה סגורה: הגיע לסטופ

Silver didn’t follow through on the bullish shark pattern that formed at $30.41, dropping below previous lows and invalidating the setup. This breakdown has now pushed silver below the neckline of a higher time-frame head and shoulders pattern, with default targets at $26.12. This raises the possibility of a deeper correction in silver, as the head and shoulders pattern suggests further downside if the market continues to show weakness.