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XAGUSD, Candlestick Analysis
11/17/2022 10:59 AMXAG/USD, H4
On the four-hour chart, under the resistance level of 22.16, a series of Hanging man candlestick analysis patterns are forming, which signal an imminent downward reversal of the price of the trading instrument and the “bearish” Engulfing pattern, confirming the increased activity of sellers. A more likely scenario for the movement of quotes in the current situation will be a decline to the support level of 20.91, overcoming which will allow the “bears” to head lower to the area of 10.19–17.17, however, if the consolidation above the resistance level of 22.16, the pair will be able to recover up to 24.49–26.94.
XAG/USD, D1
On the daily chart, under the resistance level of 22.16, there is the formation of the Three black crows candlestick pattern, which signals a downtrend and emphasizes the pressure on the price from the “bears.” Also, the pattern included the Shooting star model, which signals an imminent downward reversal of quotes. In the current situation, the continuation of the downward dynamics to 20.91 is most likely, the overcoming of which will become a catalyst for the movement to the area of 10.19–17.11.
Support levels: 20.91, 19.10, 17.11. | Resistance levels: 22.16, 24.49, 26.94.