Silver complete the trading week near the area of 23.16. Quotes continue to move within the framework of the fall and the bullish channel. Moving averages indicate the presence of a bullish trend for the pair. Prices have broken through the areas 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 fall in the value of the asset and a test of the support level near the area of 22.95. Further, the continuation of the rise in the price of Silver with a potential target above the level of 27.75.
Silver Weekly Forecast May 2 — 6, 2022
In favor of the growth of quotations and prices for Silver in the current trading week May 2 — 6, 2022 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 21.45 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 18.55. Growth development will be confirmed by a breakdown of the resistance level and closing of prices above the level of 28.05, which will indicate a breakdown of the upper border of the descending channel.
Silver Weekly Forecast May 2 — 6, 2022 suggests an attempt to test the support level near the 22.95 area. Then, the continuation of the rise in prices for Silver with a target above the level of 27.75. 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 21.45. This will indicate a continued decline in quotes to the area below the level of 18.55.
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