XAG/USD Forecast Silver and Analysis June 1, 2022

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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