Quotes of Silver XAG/USD complete the trading week near the area of 24.28. 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 correction in the value of the asset and a test of the support level near the area of 23.55. Further, the continuation of the rise in the price of Silver with a potential target above the level of 29.05.
Silver Weekly Forecast July 31 — August 4, 2023
In favor of the growth of quotations and prices for Silver in the current trading week of July 31 — August 4, 2023, 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 22.05 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 17.25. A confirmation of the development of growth will be a breakdown of the resistance level and closing prices above the level of 26.45.
Silver Weekly Forecast July 31 — August 4, 2023 suggests an attempt to test the support level near the 23.55 area. Then, the continuation of the rise in prices for Silver with a target above the level of 29.05. In favor of growth 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 22.05. This will indicate a continued decline in quotes to the area below the level of 17.25.
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