Silver close the trading week near the area of 26.97. Quotes continue to move within the framework of the growth and the ascending channel. Moving averages indicate a bullish trend for the pair. Prices went up from the area between the signal lines, which indicates pressure from buyers of the metal 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 22.95 area. Further, the continued growth in the price of Silver with a potential target above the level of 33.85.
Silver Forecast and XAG/USD Analysis February 1 — 5, 2021
In favor of the growth of quotes and prices for Silver in the current trading week February 1 — 5, 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 ascending channel. Cancellation of the option to raise XAG/USD quotes will be a fall and a breakdown of the 19.65 area. This will indicate a breakdown of the support area and a continued fall in Silver prices with a target below 14.75. Confirmation of the development of growth will be a breakdown of the resistance level and closing prices above the level of 29.05.
Silver Forecast and XAG/USD Analysis February 1 — 5, 2021 implies an attempt to test the support level near the 22.95 area. Then, the continued growth in Silver prices with a target above the level of 33.85. 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 19.65. This will indicate a continued decline in quotations to the area below the level of 14.75.
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