The XAG/USD quotes continue to move within a correction and a bearish channel. At the time of this forecast, the price of Silver stands at 23.96. The moving averages indicate the presence of a bearish trend. Prices have broken above the area between the signal lines, indicating buying pressure from asset buyers and the potential continuation of the price rise from current levels. Currently, we should expect an attempt to develop a correction in the metal price and test the support level near the 23.70 area. From there, a rebound upwards and a continuation of the Silver price rise with a target above the 26.26 level.
Silver Forecast for June 21, 2023
An additional signal in favor of an increase in XAG/USD quotes and Silver prices would be a test of the support line on the Relative Strength Index (RSI) indicator. A second signal would be a rebound from the lower boundary of the bullish channel. The scenario of price increase for Silver on June 21, 2023, would be invalidated by a decrease and a breakthrough of the 22.85 level. This would indicate a breakout of the support area and a continuation of the price decline to the area below the 21.65 level. Expectations of an accelerated rise in XAG/USD quotes should be considered with a breakthrough of the resistance area and a close above the 24.35 level. This would indicate a breakout of the upper boundary of the bearish channel.
Silver Forecast for June 21, 2023 suggest an attempt to test the support area near the 23.70 level, followed by a continuation of the price rise with a target above the 26.26 level. The scenario of price increase for Silver would be invalidated by a decrease and a breakthrough of the 22.85 level. This would indicate a breakout of the lower boundary of the bullish channel. In this case, we should expect a continuation of the Silver price decline with a target at the 21.65 level.
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