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On the daily chart, the Silver commodity asset appears to have formed a Bearish 123 pattern followed by a Bearish Ross Hook (RH) followed by a price movement that moves below the MA (50) which has a decreasing slope, giving an indication and confirmation that in the next few days the Silver commodity asset has the potential to weaken down where the level of 28.710 has the potential to be tested and penetrated down by Silver. If successful, Silver will continue to weaken to the level of 26.430 and if the volatility and momentum of the weakening are strong enough, 20.405 will be the next target to be tested, but please also note that the appearance of deviations between the Silver price movement and the Awesome Oscillator indicator and the appearance of the Failing Wedge pattern also gives an indication of the potential for strengthening so that based on this fact, if Silver actually experiences strengthening that exceeds (and closes) above the level of 30.304, the weakening scenario that has been described previously will be invalid and automatically canceled.
(Disclaimer)
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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