Silver ends the trading week near the 23.74 area. Quotes continue to move as part of the correction and the formation of the “Head and Shoulders” reversal pattern. Moving averages indicate a bearish trend for the pair. Prices are again testing the area between the signal lines, which indicates pressure from metal sellers and a potential continuation of the decline from the current levels. At the moment, we should expect an attempt to develop a slight fall in the value of the asset and a test of the support level near the 21.85 area. Further, the continuation of the rise in the price of Silver with a potential target above the level of 30.15.
Silver Forecast and XAG/USD Analysis November 8 — 12, 2021
In favor of the growth of quotes and prices for Silver in the current trading week November 8 — 12, 2021 a rebound from the trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower border of the Head and Shoulders reversal pattern. Cancellation of the growth option for XAG/USD quotes will be a fall and a breakdown of the 21.05 area. This will indicate a breakdown of the support area and a continued fall in Silver prices with a target below the level of 11.55. Confirmation of the development of growth will be the breakdown of the resistance level and the closing of prices above the level of 26.45, which will indicate the completion of the formation of the “Head and Shoulders” reversal pattern, as well as the exit of the price beyond the downward correction channel.
Silver Forecast and XAG/USD Analysis November 8 — 12, 2021 implies an attempt to test the support level near the 21.85 area. Then, the continued growth in Silver prices with a target above the level of 30.15. 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 21.05. This will indicate a continued decline in quotations to the area below the level of 11.55.
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