Quotes of Silver XAG/USD end the trading week near the 22.70 area. Quotes continue to move within the correction and bullish channel. Moving averages indicate a bullish trend for an asset. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the metal and a potential continuation of the fall from current levels. At the moment, we should expect an attempt to develop a minor bearish correction in the value of the asset and a test of the support level near the area of 22.05. Further, the price of Silver will continue to rise with a potential target above the level of 26.15.
Silver Forecast March 4 — 8, 2024
In favor of an increase in quotations and prices for Silver in the current trading week of March 4 — 8, 2024, there will be a rebound from the support line on the relative strength index. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for XAG/USD quotes will be a fall and a breakdown of the 20.65 area. This will indicate a breakdown of the support area and a continuation of the fall in Silver prices with a target below the level of 17.75. Confirmation of the development of growth will be the breakdown of the resistance level and the closing of prices above the level of 23.65.
Silver Forecast March 4 — 8, 2024 suggests an attempt to test the support level near the 22.05 area. Then, continued growth in Silver prices with a target above the level of 26.15. A test of the trend line on the relative strength index (RSI) will support growth. Cancellation of the growth option for XAG/USD will be a fall and a breakdown of the level of 20.65. This will indicate a continued decline in quotes to the area below the level of 17.75.
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