Silver price continues falling after touching the top of its range and forming a Bearish Engulfing candlestick pattern.
The MACD has crossed its signal line giving a sell signal.
Silver price will probably fall towards a cluster of MAs in the $23.000s
Silver price (XAG/USD) is trading in the $24.580s on Friday. It has just reversed after touching the top of a multi-month range.
Silver rallied up during the first half of March until it reached the ceiling of a long-term range at around $25.750. At that point it reversed and formed a Bearish Engulfing Japanese candlestick pattern on the following day, Mar 21 (circled).
A Bearish Engulfing is an indicator of a short-term reversal in price. It forms when a red candlestick’s whole daily range completely encloses, or “engulfs”, the previous day’s range. The appearance of the pattern adds a further bearish hue to the picture
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