Quotes of Silver XAG/USD end the trading week near the 23.10 area. Quotes continue to move within the growth and bearish channel. Moving averages indicate a bearish trend for an asset. Prices have broken through the area between the signal lines upward, which indicates pressure from metal buyers and potential continued growth 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 21.95 area. Further, the price of Silver will continue to rise with a potential target above the level of 27.25.
Silver Weekly Forecast October 23 — 27, 2023
In favor of an increase in quotations and prices for Silver in the current trading week of October 23 — 27, 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 19.85 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 17.65. Confirmation of the development of growth will be a breakdown of the resistance level and closing of prices above the level of 23.75, which will indicate a breakdown of the upper boundary of the downward channel.
Silver Weekly Forecast October 23 — 27, 2023 suggests an attempt to test the support level near the 21.95 area. Then, continued growth in Silver prices with a target above the level of 27.25. 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 19.85. This will indicate a continued decline in quotes to the area below the level of 17.65.
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