SILVER, Reversal Established, The Condition Has Altered!

Hello Traders Investors And Community, welcome to this analysis where we are looking at SILVER 2-hour timeframe perspective, the recent events, the current structural formation, what to expect the next times and how possible further continuation confirmation can play out in this structure. SILVER has reached its upside targets greatly and since then reversed the perspective to the downside where it already formed a bear-flag confirmed. These events cant be taken by side for sure and now the big question is if SILVER continues with increased downside pace or if it stabilizes and manages to form new highs again. In this case, I detected some interesting signals which will determine SILVER further outcomes we should consider in the structure.

Looking at my chart you can watch there the first bear-flag marked in blue already properly confirmed to the downside and now the price bounced at the 300-EMA marked in green to the upside where it is forming another possible bear-flag formation currently trading above the 30-EMA this structure was also seen at the first bear-flag before it moved heavily to the downside. Furthermore SILVER bounced at the key-resistance marked in red at the 27.5 level which is a huge resistance previously been support and now resistance, when SILVER gets there the next times and bounces again bearish in this level the second bear-flag can confirm to the downside as it is seen in chart. When SILVER also moves below 30-EMA possibility for bearish continuation is high.

When SILVER shows up with the highly likely bearish bear-flag scenario the next important support to hold is the support between 24.5 and 24.8 marked in orange where SILVER can stabilize in the structure as it is marked in the chart. There are basically two possible outcomes SILVER can form here, either the stabilization at support is sustainable and it manages to move higher in the structure confirming further bullish or SILVER increases bearish and moves below the support. With the already established bearishness, the second scenario is more likely than the bullish as SILVER is still overbought also on the higher timeframes when SILVER moves then below the support bearish pressure will increase in the bearish ground you can watch in my chart.

In this manner, thank you for watching the analysis, support for more market insight, all the best, and good weekend! ;)

Information provided is only educational and should not be used to take action in the market.

Comment:

ANALYSIS UPDATE: SILVER pulled back off the resistance zone, increased bearish volume, and formed the bearish breakout below the boundaries.

SILVER after completing the bear flag bearishly increased the bearish momentum to accelerate bearishness and reach the target zones.