Silver complete the trading week near the area of 20.54. Quotes continue to move within the framework of growth and a downward channel. Moving averages indicate the presence of a bearish trend for the pair. Prices are testing the area between the signal lines, which indicates pressure from metal sellers and a potential continuation of the fall 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 25.75.
Silver Weekly Forecast November 7 — 11, 2022
In favor of the rise in quotes and prices for Silver in the current trading week November 7 — 11, 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 Triangle pattern. Cancellation of the growth option for XAG/USD quotes will be a fall and a breakdown of the 16.05 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 13.35. A confirmation of the development of growth will be a breakdown of the resistance level and the closing of prices above the level of 22.15, which will indicate the breakdown of the upper border of the “Triangle” model, the beginning of the pattern with targets at the top.
Silver Weekly Forecast November 7 — 11, 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 25.75. 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 16.05. This will indicate a continued decline in quotes to the area below the level of 13.35.
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