The quotes of XAG/USD continue to move within a correction and a bearish channel. At the time of the forecast publication, the price of Silver is 23.14. The moving averages indicate the presence of a bearish trend. Prices have broken below the area between the signal lines, indicating pressure from sellers of the asset and a potential continuation of the price decline from current levels. Currently, we can expect an attempt to further decrease the price of the metal and test the support level near the 22.95 area. From there, we can expect a rebound upwards and a continuation of the price rise for Silver with a target above the 25.45 level.
Silver Forecast for June 22, 2023
An additional signal in favor of an increase in the quotes and prices of Silver (XAG/USD) will be a test of the support line on the relative strength indicator (RSI). The second signal in favor of an upward movement will be a rebound from the lower boundary of the bullish channel. The cancellation of the price increase scenario for Silver on June 22, 2023, will occur with a decline and a breakthrough below 22.35. This would indicate a breakthrough of the support area and a continuation of the decline towards a level below 20.25. Expectations of an acceleration in the rise of XAG/USD quotes should be considered with a breakthrough of the resistance area and the price closing above the 24.25 level, indicating a breakthrough of the upper boundary of the bearish channel.
Silver Forecast for June 22, 2023 suggest an attempt to test the support area near the 22.95 level, followed by a continuation of the price rise with a target above the 25.45 level. The cancellation of the upward scenario for Silver will occur with a decline and a breakthrough below the 22.35 level. This would indicate a breakthrough of the lower boundary of the bullish channel. In such a case, we can expect a further decline in the price of Silver with a target at the 20.25 level.
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