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An hourly chart of silver (XAG/USD) gives a bearish technical outlook. Over the past week, the pair has seen a divergence as the prices have risen while the hourly MACD has trended lower. Prices soon followed the indicator lower after a break of the rising support line and the pair now appears to be under pressure. It looks as though XAG/USD is now trading in a parallel bearish channel and may be forming the right shoulder of a head and shoulders pattern. The neckline comes in at around the 38.2% Fibonacci retracement of the rally from the Oct. low to the Oct. high. A break below this neckline would bring into focus a target objective (the distance from the top of head to the neckline projected from the break point) around the 29.50 level which also happens to be the 76.4% Fib retracement of the Oct. range. Additionally, the last 3 hourly candlesticks have tall top wicks which show a struggle to sustain the upside. We favor a move lower, initially to the neckline around 31.25/30 with follow through likely to see towards the 29.50 area next. A sustained break above the 32.50 zone would negate this view.

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