Silver complete the trading week near the area of 18.23. Quotes continue to move within the framework of the fall and the downward channel. 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 correction in the value of the asset and a test of the resistance level near the area of 18.45. Further, the continuation of the fall in the price of Silver with a potential target below the level of 15.05.
Silver Weekly Forecast July 18 — 22, 2022
In favor of falling quotes and prices for Silver in the current trading week July 18 — 22, 2022 there will be a rebound from the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the bearish channel. Cancellation of the option of falling XAG/USD quotes will be a strong growth and a breakdown of the 20.25 area. This will indicate a breakdown of the resistance area and continued growth in Silver prices with a target above the level of 22.15. A confirmation of the development of the fall will be a breakdown of the support level and closing prices below the level of 17.95.
Silver Weekly Forecast July 18 — 22, 2022 suggests an attempt to test the resistance level near the 18.45 area. Then, the continuation of the fall in prices for Silver with a target below the level of 15.05. In favor of the decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the XAG/USD fall option will be a strong growth and a breakdown of the level of 20.25. This will indicate a continued rise in quotes to the area above the level of 22.15.
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