Quotes of Silver XAG/USD complete the trading week near the area of 24.65. Quotes continue to move within the growth and bullish channel. Moving averages indicate the presence of a bullish trend for the asset. Prices have broken through the area 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 slight increase in the value of the asset and a test of the resistance level near the area of 25.75. Further, the continuation of the fall in the price of Silver with a potential target below the level of 19.75.
Silver Weekly Forecast July 24 — 28, 2023
In favor of falling quotes and prices for Silver in the current trading week July 24 — 28, 2023 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 Head and Shoulders reversal pattern. Cancellation of the option of falling XAG/USD quotes will be a strong growth and a breakdown of the 27.45 area. This will indicate a breakdown of the resistance area and continued growth in Silver prices with a target above the level of 31.35. The development of the fall will be confirmed by a breakdown of the support level and closing of prices below the level of 21.05, which will indicate a breakdown of the lower boundary of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets below.
Silver Weekly Forecast July 24 — 28, 2023 suggests an attempt to test the resistance level near the 25.75 area. Then, the continuation of the fall in prices for Silver with a target below the level of 19.75. 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 27.45. This will indicate the continued growth of quotations to the area above the level of 31.35.
