The quotes of XAG/USD continue to move as part of the development of a correction and the formation of a “Head and Shoulders” reversal pattern. At the time of publication of the forecast, prices for Silver are 23.06. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upward, 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 correction in the value of the metal and a test of the support level near the area of 22.15. Where can we expect an upward rebound and continued growth in the price of Silver with a target above the level of 25.45.
Silver Forecast for October 31, 2023
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 rise will be a rebound from the lower boundary of the Head and Shoulders reversal pattern. Cancellation of the option to increase prices for Silver on October 31, 2023 will be a fall and a breakdown of 21.25. This will indicate a breakdown of the support area and a continuation of the fall to the area below the level of 18.05. 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 24.05, which will indicate a breakdown of the upper boundary of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets above.
Silver Forecast for October 31, 2023 suggests an attempt to test the support area near the level of 22.15. Further, continued growth of quotes with a target above the level of 25.45. Cancellation of the option to raise prices for Silver will be a fall and a breakdown of the level of 21.25. 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 18.05.
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