Silver complete the trading week near the 24.40 area. Quotes continue to move within the correction and the downward channel. Moving averages indicate the presence of a bearish trend for the pair. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the metal and a potential continuation of growth already from current levels. At the moment, we should expect an attempt to develop a fall in the value of the asset and a test of the support level near the area of 21.85. Further, the continuation of the rise in the price of Silver with a potential target above the level of 30.55.
Silver Weekly Forecast February 28 — March 4, 2022
In favor of the growth of quotes and prices for Silver in the current trading week of February 28 — March 4, 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 channel. Cancellation of the growth option for XAG/USD quotes will be a fall and a breakdown of the 18.65 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 14.05. A confirmation of the development of growth will be a breakdown of the resistance level and the closing of prices above the level of 26.05, which will indicate that the price has gone beyond the downward correction channel.
Silver Weekly Forecast February 28 — March 4, 2022 suggests an attempt to test the support level near the 21.85 area. Then, the continuation of the rise in prices for Silver with a target above the level of 30.55. 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 18.65. This will indicate a continued decline in quotes to the area below the level of 14.05.
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