Silver (XAG/USD) looks like it has started to form a descending channel on the 4-hour chart and the evidence is building to argue that it is probably in a short-term downtrend now too.
Silver is weakening within a descending channel. The channel is more likely than not to continue unfolding lower. A break below the June 13 low would confirm further downside. Silver looks like it has started to form a descending channel on the 4-hour chart and the evidence is building to argue that it is probably in a short-term downtrend now too. Given the old saying that “the trend is your friend” the odds probably favor a continuation lower – with some important caveats.
The next downside target likely lies at the level of the lower channel line, at around $27.50. The caveat is that Silver did temporarily break out of its channel on June 21, and although it failed to follow-through higher the fact it breached the channel’s upper borderline suggests the integrity of the falling channel has been compromised. This will make it easier for price to break out higher on a second attempt.
XAGUSD Technical Analysis Silver
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