Quotes of Silver XAG/USD are ending the trading week near the 32.02 area. Quotes continue to move within the framework of growth development and the beginning of the development of the “Head and Shoulders” reversal pattern. Moving averages indicate the presence of a bullish trend for the asset. Prices have broken through the area between the signal lines upwards, which indicates pressure from metal buyers and potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a bearish correction in the asset value and a test of the support level near the 30.65 area. Further, the continuation of the growth of the Silver price with a potential target above the 36.25 level.
Silver Forecast and Analysis October 7 — 11, 2024
A rebound from the support line on the relative strength indicator will act in favor of the growth of Silver quotes and prices in the current trading week of October 7 — 11, 2024. The second signal will be a rebound from the upper border of the descending channel. The XAG/USD growth scenario will be cancelled by a fall and a breakout of the 27.85 area. This will indicate a breakout of the support area and a continuation of the fall in Silver prices with a target below 24.85. The development of growth will be confirmed by a breakout of the resistance level and closing of prices above 33.05.
Silver Forecast and Analysis October 7 — 11, 2024 suggests an attempt to test the support level near the 30.65 area. Then, the continuation of the growth in Silver prices with a target above 36.25. A test of the trend line on the relative strength indicator will be in favor of growth. The XAG/USD growth scenario will be cancelled by a fall and a breakout of the 27.85 level. This will indicate a continuation of the decline in quotes to the area below 24.85.
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