Quotes of Silver XAG/USD end the trading week near the 22.10 area. Quotes continue to move within the growth and bullish channel. Moving averages indicate the presence of a sideways trend for an asset. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the metal and a potential continuation of the fall from current levels. At the moment, we should expect an attempt to develop a minor bearish correction in the value of the asset and a test of the support level near the 21.05 area. Next, the price of Silver will continue to rise with a potential target above the level of 25.95.
Silver Weekly Forecast October 16 — 20, 2023
In favor of an increase in quotations and prices for Silver in the current trading week of October 16 — 20, 2023, there will be a rebound from the support line on the relative strength index. 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 19.65 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 17.45. Confirmation of the development of growth will be a breakdown of the resistance level and closing of prices above the level of 23.65, which will indicate a breakdown of the upper boundary of the downward channel.
Silver Weekly Forecast October 16 — 20, 2023 suggests an attempt to test the support level near the 21.05 area. Then, continued growth in Silver prices with a target above the level of 25.95. A test of the trend line on the relative strength index (RSI) will support growth. Cancellation of the growth option for XAG/USD will be a fall and a breakdown of the level of 19.65. This will indicate a continued decline in quotes to the area below the level of 17.45.
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