Silver Technical Analysis: Bearish Shark Pattern

17 set

XAGUSD

We have been anticipating a series of harmonic patterns in the markets, and silver is no exception. It is currently presenting some constructive and intuitive patterns with a high probability of manifestation.

A bearish shark pattern has formed for silver at the 224% Fibonacci extension level around $31. This pattern suggests a potential retracement that could bring the price down to around $29.37, aligning with the daily fractal resistance level that was broken slightly below, at $29.17.

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Happy trading!
André