Silver continue to move within the correction and the bullish channel. At the time of the publication of the forecast, the price of Silver is 22.04. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from sellers of the asset and a potential continuation of the growth in value already from current levels. At the moment, we should expect an attempt to develop a correction in the value of the metal and a test of the support level near the area of 21.75. Where should we expect a rebound upwards and a continuation of the rise in the price of Silver with a target above the level of 23.15.
XAG/USD Forecast Silver and Analysis June 1, 2022
An additional signal in favor of rising quotes and prices for XAG/USD Silver will be a test of the support line on the relative strength index (RSI). The second signal in favor of growth will be a rebound from the lower border of the bullish channel. Cancellation of the option of rising prices for Silver on June 1, 2022 will be a fall and a breakdown of 21.40. This will indicate a breakdown of the support area and a continuation of the fall to the area below the level of 20.15. It is worth expecting an acceleration of the rise in XAG/USD quotes with a breakdown of the resistance area and closing the price above the level of 22.85, which will indicate a breakdown of the upper limit of the bullish channel.
XAG/USD Forecast Silver and Analysis June 1, 2022 suggests an attempt to test the support area near the level of 21.75. Further, the continuation of the growth of quotations with a target above the level of 23.15. Cancellation of the option of rising prices for Silver will be a fall and a breakdown of the level of 21.40. This will indicate a breakdown of the support level. In this case, we should expect the continuation of the fall in the price of Silver with the target at 20.15.
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