- 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
Silver technical levels