Silver continue to move as part of the growth and completion of the formation of the “Wedge” reversal pattern. At the time of the publication of the forecast, the price of Silver is 23.52. Moving averages indicate a bearish trend. Prices are again testing the area between the signal lines, 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 a correction in the value of the metal and a test of the support level near the area of 23.05. Where should we expect a rebound upwards and a continuation of the growth in the price of Silver with a target above the level of 25.45.
Silver Forecast for June 7, 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 rising prices for Silver on June 7, 2023 will be a fall and a breakdown of 22.15. This will indicate a breakdown of the support area and a continuation of the fall to the area below the level of 19.05. Expect an acceleration in the growth of XAG/USD quotes with a breakdown of the resistance area and closing of the price above the level of 23.75, which will indicate a breakdown of the upper border of the model and the beginning of the pattern with targets at the top.
Silver Forecast for June 7, 2023 suggests an attempt to test the support area near the level of 23.05. Further, the continuation of the growth of quotations with the target above the level of 25.45. Cancellation of the option of raising prices for Silver will be a fall and a breakdown of the level of 22.15. This will indicate a breakdown of the lower boundary of the bullish channel. In this case, we should expect the continuation of the decline in the price of Silver with the target at the level of 19.05.
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