Silver continue to move within the falling and descending channel. At the time of publication of the forecast, prices for Silver are 24.14. Moving averages indicate the presence of a bearish trend. Prices have moved down from the area between the signal lines, which indicates pressure from sellers of the asset and a potential continuation of the price drop from current levels. At the moment, we should expect a demand for the development of a bullish correction in the price of the metal and a test of the resistance level near the area of 24.45. Why should we expect a rebound down and a continuation of the drop in the price of Silver with a target below the level of 22.95.
Silver Forecast for May 16, 2023
A test of the resistance line on the relative strength indicator (RSI) will be an additional signal in favor of a decrease in quotes and prices for Silver XAG/USD. The second signal in favor of the decline will be a rebound from the upper border of the descending channel. The cancellation of the price reduction option for Silver on May 16, 2023 will be a strong rise and a breakdown of 25.35. This will indicate a breakdown of the resistance area and a continuation of growth in the area above the level of 27.45. We should expect an acceleration of the fall of XAG/USD quotes with a breakdown of the support area and a closing of the price below the level of 23.35, which will indicate a breakdown of the lower border of the descending channel, and this is a signal for a fall in the width of the channel.
Silver Forecast for May 16, 2023 suggests a demand for a test of the resistance area near the level of 24.45. Further, the continuation of the fall of quotations with the goal of the lower level of 22.95. A strong growth and a breakdown of the level of 25.35 will result in the cancellation of the price reduction option for Silver. This will indicate a breakdown of the lower border of the bullish channel. In this case, we should expect a continuation of the increase in the price of Silver with a target at the level of 27.45.
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