Silver Forecast for May 3, 2024

The quotes of XAG/USD continue to move as part of the development of the fall and the formation of the “Wedge” reversal pattern. At the time of publication of the forecast, prices for Silver are 26.19. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers and a potential continuation of price growth from current levels. At the moment, we should expect an attempt to develop a decline in the price of the metal and a test of the support level near the 25.75 area. Where can we expect an upward rebound and continued growth in the price of Silver with a target above the level of 29.05.

Silver Forecast for May 3, 2024

An additional signal in favor of growth in quotes and prices for Silver XAG/USD will be a test of the support line on the relative strength indicator (RSI). The second signal in favor of a decline will be a rebound from the lower border of the “Wedge” reversal pattern. Cancellation of the option to raise prices for Silver on May 3, 2024 will be a fall and a breakdown at 25.05. This will indicate a breakdown of the support area and a continuation of the fall to the area below the level of 23.25. 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 27.05, which will indicate a breakdown of the upper boundary of the “Wedge” reversal pattern and the beginning of a pattern with targets above.

Silver Forecast for May 3, 2024 suggests an attempt to test the support area near the level of 25.75. Further, continued growth of quotes with a target above the level of 29.05. The cancellation of the option to raise prices for Silver will be a fall and a breakdown of the level of 25.05. This will indicate a breakdown of the support area. In this case, we should expect the price of Silver to continue to decline with a target at 23.25.

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