Commodity Blog

A head-and-shoulder pattern has formed on the daily chart of silver. The $18.86 and $18.69 levels, indicated by the blue lines, form the shoulders. The red line shows the level of resistance (the neckline), which is at $17.43. This pattern suggests that the downward trend will strengthen and silver will extend its decline. We should wait for a significant move down below the neckline to confirm the pattern. In case the pattern will be confirmed, the price expected to fall to the target level of $15.05.

If you have any questions or comments regarding this chart pattern for the silver, please, feel free to reply below.

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