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Symmetrical Triangle Pattern on 4-Hour Chart of Silver as of 2020-03-29

Summary:
A symmetrical triangle pattern has formed on the 4-hour chart of silver. Unlike patterns that have formed on charts of crude oil and gold, this pattern is not inherently bullish or bearish. It suggests that prices will continue to move in the previous direction, and in this case the previous direction was up. On the present chart, yellow lines show the symmetrical triangle. The cyan line is plotted at 10% of the triangle’s height above the upper border of the pattern and suggests an entry point for bulls in case prices indeed continue to move up. The green line is situated at the triangle’s height above the pattern and offers a price-taking goal. You can click on the image to see a full-size version: The chart was built using the ChannelPattern script. You can download a MetaTrader 4

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A symmetrical triangle pattern has formed on the 4-hour chart of silver. Unlike patterns that have formed on charts of crude oil and gold, this pattern is not inherently bullish or bearish. It suggests that prices will continue to move in the previous direction, and in this case the previous direction was up.

On the present chart, yellow lines show the symmetrical triangle. The cyan line is plotted at 10% of the triangle’s height above the upper border of the pattern and suggests an entry point for bulls in case prices indeed continue to move up. The green line is situated at the triangle’s height above the pattern and offers a price-taking goal.

You can click on the image to see a full-size version:

Symmetrical Triangle Pattern on 4-Hour Chart of Silver as of 2020-03-29

The chart was built using the ChannelPattern script. You can download a MetaTrader 4 chart template for this silver pattern. You can also trade it using the free Chart Pattern Helper EA.

If you have any questions or comments regarding this symmetrical triangle pattern on the chart of silver, please feel free to submit them via the form below.


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Vladimir Vyun
Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to TopForexNews.com and CommodityBlog.com. His main specialization is the currencies of emerging economies and inter-market correlations with commodity and bond trading.

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