Quotes of Silver XAG/USD complete the trading week near the area of 22.65. Quotes continue to move within the framework of a strong correction and a bullish channel. Moving averages indicate the presence of a bullish trend for the asset. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the metal and a potential continuation of the fall already from current levels. At the moment, we should expect an attempt to develop a slight correction in the value of the asset and a test of the support level near the area of 21.95. Further, the continuation of the rise in the price of Silver with a potential target above the level of 27.65.
Silver Weekly Forecast August 14 — 18, 2023
In favor of the growth of quotes and prices for Silver in the current trading week of August 14 — 18, 2023, there will be a rebound from the support line on the relative strength index (RSI). 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 20.75 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 16.85. A confirmation of the development of growth will be a breakdown of the resistance level and closing prices above the level of 24.55.
Silver Weekly Forecast August 14 — 18, 2023 suggests an attempt to test the support level near the 21.95 area. Then, the continuation of the rise in prices for Silver with a target above the level of 27.65. In favor of growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the XAG/USD growth option will be a fall and a breakdown of the level of 20.75. This will indicate a continued decline in quotes to the area below the level of 16.85.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
