XAG/USD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The outlook on silver is strongly bearish, being that it has recently tested the upper bound of the falling wedge in the weekly chart, though we should be wary of a potential rally, considering the nature of the long-term pattern. During the next few days, the metal is expected to cover the distance between the upper and lower trend-lines that form the short-term channel. Even though the hourly and daily technical indicators are bullish, the price should bounce off of 15.39/36 and fall about 60 cents before there is a notable upward correction. The distribution between the bulls and bears in the SWFX market is in favour of a sell-off, as the precious metal is overbought—74% of open positions are long.
© Dukascopy Bank SA
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