Silver complete the trading week near the area of 18.89. Quotes continue to move within the framework of the fall and the downward channel. Moving averages indicate the presence of a bearish trend for the pair. Prices again pushed down from the area between the signal lines, 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 16.25. Further, the continuation of the rise in the price of Silver with a potential target above the level of 22.15.
Silver Weekly Forecast October 31 — November 4, 2022
In favor of the rise in quotes and prices for Silver in the current trading week of October 31 — November 4, 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 descending channel. Cancellation of the growth option for XAG/USD quotes will be a fall and a breakdown of the 15.25 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 12.45. Growth development will be confirmed by a breakdown of the resistance level and closing of prices above the level of 22.05, which will indicate a breakdown of the upper border of the descending channel.
Silver Weekly Forecast October 31 — November 4, 2022 suggests an attempt to test the support level near the 16.25 area. Then, the continuation of the rise in prices for Silver with a target above the level of 22.15. 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 15.25. This will indicate a continued decline in quotes to the area below the level of 12.45.
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