- Silver's hourly chart shows a bear flag breakdown.
- The bearish continuation pattern indicates scope for a deeper drop.
Silver, a semi-precious metal, looks south, with the 4-hour chart showing a bear flag breakdown, a bearish continuation pattern.
The metal dived out of the bear flag late Wednesday, confirming a resumption of the sell-off from recent highs near $28. The metal's rejection at $25.50 seen early today reinforced the breakdown.
As such, a re-test of the Jan. 11 low of $24.31 looks likely. A move above the flag high of $25.68 would invalidate the bearish setup. A failed bear flag breakdown is considered a strong bullish signal and could yield a rally to levels above $26.50.
At press time, silver is trading at $25.13 per ounce.
Hour;y chart
-637461919572425128.png)
Trend: Bearish
Technical levels
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