Silver continue to move as part of the correction and the beginning of the development of the “Wedge” reversal pattern. At the time of the publication of the forecast, Silver prices are 21.09. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers 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 decrease in the value of the metal and a test of the support level near the area of 20.65. 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 22.45.
Silver Forecast March 7, 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 the decline will be a rebound from the lower border of the bullish channel. Cancellation of the option of rising prices for Silver on March 7, 2023 will be a fall and a breakdown of 19.45. This will indicate a breakdown of the support area and a continuation of the fall to the area below the level of 17.25. Expect an acceleration in the growth of XAG/USD quotes with a breakdown of the resistance area and closing the price above the level of 21.35.
Silver Forecast March 7, 2023 suggests an attempt to test the support area near the level of 20.65. Further, the continuation of the growth of quotations with the target above the level of 22.45. Cancellation of the option of rising prices for Silver will be a fall and a breakdown of the level of 19.45. This will indicate a breakdown of the lower boundary of the bullish channel. In this case, we should expect the continuation of the fall in the price of Silver with the target at 17.25.
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