Silver continue to move as part of the fall and the downward channel. At the time of the publication of the forecast, the price of Silver is 21.78. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the fall in value already from current levels. At the moment, we should expect an attempt to develop an increase in the value of the metal and a test of the resistance level near the area of 22.25. Where should we expect a rebound down and the continuation of the fall in the price of Silver with a target below the level of 20.05.
Silver Forecast February 16, 2023
An additional signal in favor of a decrease in quotes and prices for XAG/USD Silver will be a test of the support line on the relative strength index (RSI). The second signal in favor of the decline will be a rebound from the upper border of the bearish channel. Cancellation of the option of falling prices for Silver on February 16, 2023 will be a fall and a breakdown of 23.05. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 24.55. It is worth expecting an acceleration in the fall of XAG/USD quotes with a breakdown of the support area and closing of the price below the level of 21.05, which will indicate a breakdown of the lower border of the descending channel, and this is a signal to fall on the width of the channel.
Silver Forecast February 16, 2023 suggests an attempt to test the resistance area near the level of 22.25. Further, the continuation of the fall of quotations with the target below the level of 20.05. Cancellation of the option to reduce prices for Silver will be a strong growth and a breakdown of the level of 23.05. This will indicate a breakdown of the upper boundary of the descending channel. In this case, we should expect the price of Silver to continue rising with the target at 24.55.
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