Silver ends the trading week near the 25.46 area. Quotes continue to move within the correction. Here the large “Triangle” pattern continues to form, buyers have not yet been able to break through the upper border of this model, and even prices went to test the lower border of the pattern. Moving averages indicate a bullish trend for the pair. Prices are testing the area between the signal lines, which indicates pressure from metal buyers and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a minor correction in the value of the asset and a test of the support level near the area of 24.55. Further, the continued growth in the price of Silver with a potential target above the level of 33.25.
Silver Forecast and XAG/USD Analysis August 2 — 6, 2021
In favor of the growth of quotes and prices for Silver in the current trading week August 2 — 6, 2021 a rebound from the support line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower border of the ”Triangle” pattern. Cancellation of the option to raise XAG/USD quotes will be a fall and a breakdown of the 21.95 area. This will indicate a breakdown of the support area and a continued fall in Silver prices with a target below 17.25. Confirmation of the development of growth will be the breakdown of the resistance level and the closing of prices above the level of 30.25, which will indicate the breakdown of the upper border of the ”Triangle” model and the beginning of the development of this model.
Silver Forecast and XAG/USD Analysis August 2 — 6, 2021 suggests an attempt to test the support level near the 24.55 area. Then, the continued growth in Silver prices with a target above the level of 33.25. A test of the trend line on the relative strength index (RSI) will be in favor of the rise. Cancellation of the XAG/USD growth option will be a fall and a breakdown of the level of 21.95. This will indicate a continued decline in quotations to the area below the level of 17.25.
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