Quotes of Silver XAG/USD end the trading week near the 24.94 area. Quotes continue to move within the framework of growth and the formation of the “Triangle” pattern. Moving averages indicate a bullish trend for an asset. Prices have broken through the area between the signal lines upward, which indicates pressure from metal buyers and potential continued growth from current levels. At the moment, we should expect an attempt to develop a minor bearish correction in the value of the asset and a test of the support level near the 24.25 area. Further, the price of Silver will continue to rise with a potential target above the level of 29.65.
Silver Forecast April 1 — 5, 2024
In favor of an increase in quotations and prices for Silver in the current trading week of April 1 — 5, 2024, there will be a rebound from the support line on the relative strength index. The second signal will be a rebound from the upper border of the bearish channel. Cancellation of the growth option for XAG/USD quotes will be a fall and a breakdown of the 21.65 area. This will indicate a breakdown of the support area and a continuation of the fall in Silver prices with a target below the level of 18.45. Confirmation of the development of growth will be a breakdown of the resistance level and closing of prices above the level of 26.55, which will indicate a breakdown of the upper boundary of the “Triangle” model and the beginning of the development of a pattern with targets above.
Silver Forecast April 1 — 5, 2024 suggests an attempt to test the support level near the 24.25 area. Then, continued growth in Silver prices with a target above the level of 29.65. A test of the trend line on the relative strength index (RSI) will support growth. Cancellation of the growth option for XAG/USD will be a fall and a breakdown of the level of 21.65. This will indicate a continued decline in quotes to the area below the level of 18.45.
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