Silver complete the trading week near the area of 11.23. Quotes continue to move as part of a bearish correction and the start of working out the reversal pattern “Head and Shoulders”. Moving averages indicate the presence of a bullish trend for the asset. Prices are again testing 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 22.75. Further, the continuation of the rise in the price of Silver with a potential target above the level of 30.55.
Silver Weekly Forecast May 29 — June 2, 2023
In favor of the rise in quotes and prices for Silver in the current trading week May 29 — June 2, 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 20.45 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 16.85. A confirmation of the development of growth will be a breakdown of the resistance level and the closing of prices above the level of 24.65.
Silver Weekly Forecast May 29 — June 2, 2023 suggests an attempt to test the support level near the 22.75 area. Then, the continuation of the rise in prices for Silver with a target above the level of 30.55. 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 20.45. This will indicate a continued decline in quotes to the area below the level of 16.85.
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