Silver complete the trading week near the area of 21.84. Quotes continue to move as part of the correction and the formation of the reversal pattern ”Head and Shoulders”. Moving averages indicate the presence of a bullish trend for the pair. 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 decrease in the value of the asset and a test of the support level near the area of 21.25. Further, the continuation of the rise in the price of Silver with a potential target above the level of 27.05.
Silver Weekly Forecast March 20 — 24, 2023
In favor of the rise in quotes and prices for Silver in the current trading week March 20 — 24, 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 head and shoulders reversal pattern. Cancellation of the growth option for XAG/USD quotes will be a fall and a breakdown of the 17.45 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 14.75. A confirmation of the development of growth will be a breakdown of the resistance level and closing prices above the level of 25.45, which will indicate a breakdown of the upper border of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets at the top.
Silver Weekly Forecast March 20 — 24, 2023 suggests an attempt to test the support level near the 21.25 area. Then, the continuation of the rise in prices for Silver with a target above the level of 27.05. 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 17.45. This will indicate a continued decline in quotes to the area below the level of 14.75.
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