FX.co ★ Patterns SILVER | Silver Rate in the Forex market

According to the chart of M5, SILVER formed the Head and Shoulders pattern. The Head’s top is set at 93.80 while the median line of the Neck is found at 93.06/93.12. The formation of the Head and Shoulders pattern evidently signals a reversal of the upward trend. In other words, in case the scenario comes true, the price of SILVER will go towards 93.11.

According to the chart of M5, SILVER formed the Bullish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 94.07 and support 92.48. In case the resistance level 94.07 - 94.07 is broken, the instrument is likely to follow the bullish trend.

The Triple Top pattern has formed on the chart of the SILVER M5. Features of the pattern: borders have an ascending angle; the lower line of the pattern has the coordinates 92.48/93.19 with the upper limit 94.07/94.05; the projection of the width is 1585 points. The formation of the Triple Top figure most likely indicates a change in the trend from upward to downward. This means that in the event of a breakdown of the support level of 92.48, the price is most likely to continue the downward movement.

The Double Bottom pattern has been formed on SILVER M5. This formation signals a reversal of the trend from downwards to upwards. The signal is that a buy trade should be opened after the upper boundary of the pattern 91.42 is broken. The further movements will rely on the width of the current pattern 1165 points.

The Bullish pennant pattern is formed on the SILVER M15 chart. It is a type of the continuation pattern. Supposedly, in case the price is fixed above the pennant’s high of 93.28, a further uptrend is possible.

According to the chart of M15, SILVER formed the Bullish Symmetrical Triangle pattern. The lower border of the pattern touches the coordinates 85.81/89.26 whereas the upper border goes across 93.61/89.26. If the Bullish Symmetrical Triangle pattern is in progress, this evidently signals a further upward trend. In other words, in case the scenario comes true, the price of SILVER will breach the upper border to head for 89.28.

On the chart of SILVER M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 91.37; the lower boundary 90.83; the width of the pattern 535 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 90.82 level.

The Double Top pattern has been formed on SILVER M5. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 90.94 is broken, the downward movement will continue.

On the chart of SILVER M15 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 92.01; the lower boundary 90.18; the width of the pattern 1830 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 90.16 level.

The Double Top reversal pattern has been formed on SILVER M15. Characteristics: the upper boundary 92.19; the lower boundary 91.05; the width of the pattern is 1130 points. Sell trades are better to be opened below the lower boundary 91.05 with a possible movements towards the 91.03 level.