The quotes of XAG/USD continue to move as part of the development of a bullish correction and a bearish channel. At the time of publication of the forecast, prices for Silver are 23.04. Moving averages indicate a bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall in value from current levels. At the moment, we should expect an attempt to develop a bullish correction in the value of the metal and a test of the resistance level near the area of 23.25. Where can we expect a downward rebound and a continuation of the fall in the price of Silver with a target below the level of 21.65.
Silver Forecast for February 2, 2024
An additional signal in favor of a fall in quotes and prices for Silver XAG/USD will be a test of the resistance line on the relative strength indicator (RSI). The second signal in favor of a decline will be a rebound from the lower boundary of the Head and Shoulders reversal pattern. Cancellation of the option of falling prices for Silver on February 2, 2024 will be a strong growth and a breakdown of 24.25. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 26.05. Expect 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 22.45.
Silver Forecast for February 2, 2024 suggests an attempt to test the resistance area near the level of 23.25. Further, quotes continue to fall with a target below the level of 21.65. Cancellation of the option to reduce prices for Silver will be a strong growth and a breakdown of the level of 24.25. This will indicate a breakdown of the resistance area. In this case, we should expect the price of Silver to continue to rise with a target at 26.05.
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