Quotes of Silver XAG/USD end the trading week near the 31.39 area. Quotes continue to move within the development of the correction and the bullish channel. Moving averages indicate the presence of an upward trend for the asset. Prices broke through the area between the signal lines upwards, which indicates pressure from metal buyers and potential continuation of growth from the 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 29.75 area. Next, the continuation of the growth of the price of Silver with a potential target above the level of 39.05.
Silver Weekly Forecast February 3 — 7, 2025
A rebound from the support line on the relative strength indicator will act in favor of the growth of quotes and prices for Silver in the current trading week of February 3 — 7, 2025. The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the option of increasing XAG/USD quotes will be a fall and a breakout of the 27.05 area. This will indicate a breakout of the support area and a continuation of the fall in Silver prices with a target below the level of 24.45. Confirmation of the development of growth will be a breakout of the resistance level and closing of prices above the level of 32.35.
Silver Weekly Forecast February 3 — 7, 2025 suggests an attempt to test the support level near the 29.75 area. Then, the continuation of the growth of Silver prices with a target above the 39.05 level. The test of the trend line on the relative strength indicator will be in favor of the rise. The cancellation of the XAG/USD growth option will be a fall and a breakout of the 27.05 level. This will indicate a continuation of the decline in quotes to the area below the 24.45 level.
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