Quotes of Silver XAG/USD end the trading week near the 22.81 area. Quotes continue to move within the correction and bearish channel. Moving averages indicate a bearish 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 22.15. Next, the price of Silver will continue to rise with a potential target above the level of 27.45.
Silver Forecast October 30 — November 3, 2023
In favor of an increase in quotations and prices for Silver in the current trading week of October 30 — November 3, 2023, there will be a rebound from the support line on the relative strength index. The second signal will be a rebound from the lower boundary of the Head and Shoulders reversal pattern. 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 17.85. Confirmation of the development of growth will be a breakdown of the resistance level and closing of prices above the level of 23.75, which will indicate a breakdown of the upper boundary of the downward channel and the beginning of the development of the “Head and Shoulders” reversal pattern.
Silver Forecast October 30 — November 3, 2023 suggests an attempt to test the support level near the 22.15 area. Then, continued growth in Silver prices with a target above the level of 27.45. 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 17.85.
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