Silver complete the trading week near the area of 23.14. Quotes continue to move as part of a strong growth and the formation of a 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 21.75. Further, the continuation of the rise in the price of Silver with a potential target above the level of 28.35.
Silver Weekly Forecast March 27 — 31, 2023
In favor of the rise in quotes and prices for Silver in the current trading week March 27 — 31, 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 18.25 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 15.35. 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 27 — 31, 2023 suggests an attempt to test the support level near the 21.75 area. Then, the continuation of the rise in prices for Silver with a target above the level of 28.35. 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 18.25. This will indicate a continued decline in quotes to the area below the level of 15.35.
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