Silver continue to move as part of the fall and the bullish channel. At the time of the publication of the forecast, the price of Silver is 22.53. Moving averages indicate a bullish 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 continue the development of a correction in the value of the metal and a test of the support level near the area of 22.35. Where should we expect a rebound upwards and a continuation of the rise in the price of Silver with a target above the level of 24.35.
Silver Forecast February 8, 2023
An additional signal in favor of rising 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 growth will be a rebound from the lower boundary of the “Wedge” reversal pattern. Cancellation of the option of raising prices for Silver on February 8, 2023 will be a fall and a breakdown of 21.45. This will indicate a breakdown of the support area and a continuation of the fall to the area below the level of 18.25. It is worth expecting an acceleration in the growth of XAG/USD quotes with a breakdown of the resistance area and closing the price above the level of 23.35, which will indicate a breakdown of the upper border of the “Wedge” model and the start of working out the model with targets at the top.
Silver Forecast February 8, 2023 suggests an attempt to test the support area near the level of 22.35. Further, the continuation of the growth of quotations with the target above the level of 24.35. Cancellation of the option of raising prices for Silver will be a fall and a breakdown of the level of 21.45. This will indicate a breakdown of the lower boundary of the bullish channel. In this case, we should expect the continuation of the fall in the price of Silver with the target at 18.25.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
