$XAGUSD 1H Chart: Bullish Shark Pattern with Target at $31.22
Updated
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.
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