Silver complete the trading week near the area of 21.19. Quotes continue to move within the framework of growth and left the limits of the descending channel. Moving averages indicate the presence of a bearish trend for the pair. Prices have broken through the area between the signal lines up, 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 18.55. Further, the continuation of the rise in the price of Silver with a potential target above the level of 27.45.
Silver Weekly Forecast November 28 — December 2, 2022
In favor of the rise in quotes and prices for Silver in the current trading week of November 28 — December 2, 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 upper border of the descending channel. Cancellation of the growth option for XAG/USD quotes will be a fall and a breakdown of the 16.35 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 13.85. The growth development will be confirmed by a breakdown of the resistance level and closing of prices above the level of 24.05, which will indicate a breakdown of the upper border of the descending channel.
Silver Weekly Forecast November 28 — December 2, 2022 suggests an attempt to test the support level near the 18.55 area. Then, the continuation of the rise in prices for Silver with a target above the level of 27.45. In favor of the rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for XAG/USD will be a fall and a breakdown of the level of 16.35. This will indicate a continued decline in quotes to the area below the level of 13.85.
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