XAGUSD Silver BEARISH - Head & Shoulders and Wedge Break

22 gru 2024

Silver has two patterns on the Daily TF that indicate a bearish direction ahead.

There is a complete Head & Shoulders pattern and also a Rising Wedge pattern that has been broke. Silver (XAGUSD) has recently had a bullish retracement to re-test both patterns and should start falling soon.

Short-Term TP = $28
Long-Term TP (from Head & Shoulders) = $24.60
Long-Term TP (from Wedge) = $20.70

I expect the short-term TP to be hit at least. The longer-term TP's may or may not be reached. What will probably happen is that the Head & Shoulders target will be reached and Silver will hold up around the $25 level.

NOTE: I personally love Silver and think it's a great long-term investment. I also consider it a highly manipulated market. I am bearish now based solely on the chart, but keep in mind that anything can happen with Silver!

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Silver is breaking out to the upside. The Head & Shoulders pattern may or may not play out as I originally expected, but it's too unclear. I am closing this trading idea out in a loss of about $1.50 because I am leaning more towards Silver being bullish from here.