1 hour chart shows bearish continuation pattern

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  • Silver’s 1-hour chart shows the breakout of a bearish flag.
  • The bearish continuation pattern indicates that there is room for a deeper decline.

Silver, a semi-precious metal, is pointing lower, with the 1 hour chart showing the breakout of a bearish flag, a bearish continuation pattern.

The metal fell off the bearish flag on Wednesday night, confirming a resumption of the selloff from recent highs near the $ 28 level. The price rejection at $ 25.50 seen earlier today reinforced the breakout.

As such, it seems likely that the January 11 low at $ 24.31 will be retested.

On the other hand, a move above the flag high at $ 25.68 would invalidate the bearish setup. A failed breakout of a bearish flag is considered a strong bullish signal and could generate a rally above $ 26.50.

Silver 1 hour chart

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Silver technical levels

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