Silver continue to move as part of the correction and the formation of the “Triangle” model. At the time of the publication of the forecast, the price of Silver is 25.62. Moving averages indicate a bullish trend. Prices have gone up from the area between the signal lines, which indicates pressure from buyers 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 25.25 area. 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 27.85.
Silver Forecast for May 11, 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 border of the Triangle model. Cancellation of the option of raising prices for Silver on May 11, 2023 will be a fall and a breakdown of 23.85. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 21.25. 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 26.65, which will indicate a breakdown of the upper border of the “Triangle” model and the beginning of the pattern with targets at the top.
Silver Forecast for May 11, 2023 suggests an attempt to test the support area near the level of 25.25. Further, the continuation of the growth of quotations with the target above the level of 27.85. Cancellation of the option of raising prices for Silver will be a fall and a breakdown of the level of 23.85. 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 the level of 21.25.
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