Silver complete the trading week near the 24.30 area. Quotes continue to move within the growth and bullish channel. Moving averages indicate the presence of a bullish trend for the asset. Prices have gone up from the area between the signal lines, 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 slight decrease in the value of the asset and a test of the support level near the area of 23.75. Further, the continuation of the rise in the price of Silver with a potential target above the level of 27.85.
Silver Weekly Forecast June 12 — 16, 2023
In favor of the rise in quotes and prices for Silver in the current trading week of June 12 — 16, 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 21.65 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 18.95. A confirmation of the development of growth will be a breakdown of the resistance level and the closing of prices above the level of 25.45.
Silver Weekly Forecast June 12 — 16, 2023 suggests an attempt to test the support level near the 23.75 area. Then, the continuation of the rise in prices for Silver with a target above the level of 27.85. 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 21.65. This will indicate a continued decline in quotes to the area below the level of 18.95.Silver Weekly Forecast June 12 — 16, 2023
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link