Silver (XAG/USD) price is threatening to reverse the short-term downtrend it has been in since April 12 and begin a new uptrend.
Silver price has recovered after meeting the conservative target for a Bear Flag pattern. It is now threatening to reverse the short-term downtrend and begin a new uptrend. A break above the May 7 highs at $27.51 would probably signal a bullish reversal of trend. Silver price is threatening to reverse the short-term downtrend it has been in since April 12 and begin a new uptrend.
When MACD forms a double bottom bullish reversal pattern it is often a sign the underlying asset price is also reversing. As such a break above the May 7 highs would probably usher in a new bullish trend and lead to acontinuation higher to the next target at $27.74, followed by a target at around $28.80. Bear Flag reaches conservative target Silver formed a Bear Flag continuation price pattern after reversing from the April highs at about $30.00.
XAGUSD Technical Analysis Silver
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