Silver ends the trading week near the 22.33 area. Quotes continue to move within the fall and the downtrend channel. Moving averages indicate a bearish trend for the pair. Prices broke through the area between the signal lines downward, which indicates pressure from sellers of the metal and a potential continuation of the decline from the current levels. At the moment, we should expect an attempt to develop a slight fall in the value of the asset and a test of the support level near the 23.05 area. Further, the continuation of the rise in the price of Silver with a potential target above the level of 30.05.
Silver Weekly Forecast December 6 — 10, 2021
In favor of the growth of quotes and prices for Silver in the current trading week December 6 — 10, 2021 a rebound from the trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower border of the bearish channel. Cancellation of the growth option for XAG/USD quotes will be a fall and a breakdown of the 19.05 area. This will indicate a breakdown of the support area and a continued fall in Silver prices with a target below 15.05. Confirmation of the growth development will be the breakdown of the resistance level and the closing of prices above the level of 26.35, which will indicate the price going beyond the downward correction channel.
Silver Weekly Forecast December 6 — 10, 2021 implies an attempt to test the support level near the 23.05 area. Then, the continued growth in Silver prices with a target above the level of 30.05. A test of the trend line on the relative strength index (RSI) will be in favor of the rise. Cancellation of the XAG/USD growth option will be a fall and a breakdown of the level of 19.05. This will indicate a continued decline in quotations to the area below the level of 15.05.
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