XAGUSD Silver BEARISH - Head & Shoulders and Wedge Break

Dec 22, 2024

Silver has two patterns on the Daily TF that indicate a bearish direction ahead.

There is a complete Head & Shoulders pattern and also a Rising Wedge pattern that has been broke. Silver (XAGUSD) has recently had a bullish retracement to re-test both patterns and should start falling soon.

Short-Term TP = $28
Long-Term TP (from Head & Shoulders) = $24.60
Long-Term TP (from Wedge) = $20.70

I expect the short-term TP to be hit at least. The longer-term TP's may or may not be reached. What will probably happen is that the Head & Shoulders target will be reached and Silver will hold up around the $25 level.

NOTE: I personally love Silver and think it's a great long-term investment. I also consider it a highly manipulated market. I am bearish now based solely on the chart, but keep in mind that anything can happen with Silver!

Jan 16

Trade closed manually

Silver is breaking out to the upside. The Head & Shoulders pattern may or may not play out as I originally expected, but it's too unclear. I am closing this trading idea out in a loss of about $1.50 because I am leaning more towards Silver being bullish from here.