Silver continue to move as part of the growth and completion of the formation of the “Head and Shoulders” reversal pattern at large time intervals. At the time of the publication of the forecast, the price of Silver is 22.86. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines up, 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 area of 22.15. 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 23.95.
Silver Forecast March 24, 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 upper border of the descending channel. Cancellation of the option of raising prices for Silver on March 24, 2023 will be a fall and a breakdown of 21.75. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 18.65. It is worth expecting an acceleration in the growth of XAG/USD quotes with a breakdown of the resistance area and closing the price above the level of 23.45.
Silver Forecast March 24, 2023 suggests an attempt to test the support area near the level of 22.15. Further, the continuation of the growth of quotations with the target above the level of 23.95. Cancellation of the option of raising prices for Silver will be a fall and a breakdown of the level of 21.75. This will indicate a breakdown of the lower boundary of the reversal pattern. In this case, we should expect the continuation of the fall in the price of Silver with the target at the level of 18.65.
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