Silver complete the trading week near the area of 18.80. Quotes continue to move as part of the correction and the formation of the double bottom reversal pattern. Moving averages indicate the presence of a bearish trend for the pair. Prices have broken through the areas between the signal lines down, 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 17.55. Further, the continuation of the rise in the price of Silver with a potential target above the level of 21.65.
Silver Weekly Forecast September 12 — 16, 2022
In favor of the rise in quotes and prices for Silver in the current trading week September 12 — 16, 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 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 12.85. A confirmation of the development of growth will be a breakdown of the resistance level and closing prices above the level of 20.85, which will indicate a breakdown of the upper limit of the descending channel and the beginning of the “Double Bottom” pattern with targets above.
Silver Weekly Forecast September 12 — 16, 2022 suggests an attempt to test the support level near the 17.55 area. Then, the continuation of the rise in prices for Silver with a target above the level of 21.65. 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 12.85.
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