$XAGUSD 1H Chart: Bullish Shark Pattern with Target at $31.22
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.
Trade closed: stop reached
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.
I am a financial market analyst based in Porto, Portugal. I provide market forecasts to a group of professional traders, playing a crucial role in assisting them in making well-informed decisions in the financial markets.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
I am a financial market analyst based in Porto, Portugal. I provide market forecasts to a group of professional traders, playing a crucial role in assisting them in making well-informed decisions in the financial markets.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.