Silver ends the trading week near the 25.86 area. Quotes continue to move within the correction and the ascending channel. A large “Triangle” pattern is also forming here, buyers have not yet been able to break through the upper border of this pattern. Moving averages indicate a bullish trend for the pair. Prices are again 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 24.85. Further, the continued growth in the price of Silver with a potential target above the level of 34.75.
Silver Forecast and XAG/USD Analysis May 3 — 7, 2021
In favor of the growth of quotes and prices for Silver in the current trading week on May 3 — 7, 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 21.25 area. This will indicate a breakdown of the support area and a continued fall in Silver prices with a target below 15.45. Confirmation of the development of growth will be the breakdown of the resistance level and the closing of prices above the level of 30.75, which will indicate a breakdown of the upper border of the ”Triangle” model.
Silver Forecast and XAG/USD Analysis May 3 — 7, 2021 implies an attempt to test the support level near the 24.85 area. Then, the continued growth in Silver prices with a target above the level of 34.75. 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 21.25. This will indicate a continued decline in quotations to the area below the level of 15.45.
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