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Silver is facing negative pattern – Technical Analysis – 13-05-2

FX:XAGUSD   Silver / U.S. Dollar
174 5 1
Target: 15.53
Risk: 17.55

Silver             price falls under bearish correctional pressure recently, completing drawing a short term head and shoulders’ pattern, its confirmation line located at 16.91, and breaking this level will push the price to approach from 76.4% Fibonacci level for the rise from 14.77 to 17.99.

The exponential moving averages 50 and 100 push on the price to support the chances of completing the mentioned pattern, while the price might head to retest 17.23 before turning back to decline, affected by stochastic current positivity.

The negative effect of the head and shoulders’ pattern will remain valid unless breaching 17.55 level.



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Comment: Price moves according to the scenario; slight rise for a quick retest before bouncing down to complete the negative formation.

Finding ground now at 50% fibonacci at 16.38, waiting to break this level to head towards the next statino at 16.00.
Heading for more decline after testing the broken 50% Fibonacci level,, waiting for our full targets.
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looks like a new pattern evolving..bullish trend maybe
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FXHighway DownUnder
Lets keep an eye on it in all ways
Thanks for your note
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DownUnder FXHighway
I have decided to go very long. :-)
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FXHighway DownUnder
Good luck
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