Silver complete the trading week near the area of 25.86. Quotes continue to move within the framework of growth and the beginning of the development of the “Head and Shoulders” reversal pattern. Moving averages indicate the presence of a bullish trend for the asset. Prices have broken through the area between the signal lines up, 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 25.15. Further, the continuation of the rise in the price of Silver with a potential target above the level of 30.75.
Silver Weekly Forecast May 8 — 12, 2023
In favor of the rise in quotes and prices for Silver in the current trading week May 8 — 12, 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 “Neck” line of the “Head and Shoulders” reversal pattern. Cancellation of the growth option for XAG/USD quotes will be a fall and a breakdown of the 21.55 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 16.65. A confirmation of the development of growth will be a breakdown of the resistance level and the closing of prices above the level of 28.45.
Silver Weekly Forecast May 8 — 12, 2023 suggests an attempt to test the support level near the 25.15 area. Then, the continuation of the rise in prices for Silver with a target above the level of 30.75. 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 21.55. This will indicate a continued decline in quotes to the area below the level of 16.65.
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