Silver complete the trading week near the 19.93 area. The quotes continue to move as part of the rise and the start of the development of the bullish “Wolfe Wave”. Sliding average indicate the presence of a bear’s trend in pair. Prices broke the areas between the signal lines down, which indicates the pressure from the sellers of the metal and the potential continuation of the fall from current levels. At the moment, it is worth expecting an attempt to develop a reduction in the value of the asset and a test level of support near the area of 18.45. Further, the continuation of the increase in the price of silver with a potential goal is higher than the level 27.15.
Silver Weekly Forecast August 1 — 5, 2022
In favor of lifting quotes and silver prices at the current trade week on August 1 — 5, 2022 a detective will be a detective from the support line on the relative force indicator. The second signal will be the rebound from the lower border of the bullish “Wolfe Wave”. The cancellation of the XAG/USD quotation option will be the fall and breakdown of the area 15.45. This will indicate a breakdown of the support area and the continuation of the fall in silver prices with a goal below the level of 13.05. Confirmation of growth in the level of resistance and the closure of prices above the level of 22.75 will be confirmed, which will indicate a breakdown of the upper boundary of the descending channel.
Silver Weekly Forecast August 1 — 5, 2022 involves an attempt to test the level of support near the area of 18.45. Then, the continuation of the increase in prices for silver with a goal above the level of 27.15. In favor of the rise will be the test of the trend line on the indicator of relative power. The cancellation of the XAG/USD growth option will be a fall and a breakdown of 15.45. This will indicate a continuation of a decrease in quotations to the area below the level of 13.05.
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