Silver complete the trading week near the area of 19.19. Quotes continue to move within the framework of the correction and the beginning of the development of the bullish “Wolfe Wave” model. Moving averages indicate the presence of a bearish trend for the pair. Prices have broken through the areas 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 decrease in the value of the asset and a test of the support level near the area of 17.35. Further, the continuation of the rise in the price of Silver with a potential target above the level of 22.85.
Silver Weekly Forecast August 29 — September 2, 2022
In favor of the rise in quotes and prices for Silver in the current trading week August 29 — September 2, 2022 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 Wolfe Wave pattern. Cancellation of the growth option for XAG/USD quotes will be a fall and a breakdown of the 16.15 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 13.55. A confirmation of the development of growth will be a breakdown of the resistance level and the closing of prices above the level of 21.25.
Silver Weekly Forecast August 29 — September 2, 2022 suggests an attempt to test the support level near the 17.35 area. Then, the continuation of the rise in prices for Silver with a target above the level of 22.85. In favor of the rise 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 16.15. This will indicate a continued decline in quotes to the area below the level of 13.55.
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