Silver continue to move as part of the correction and the formation of the “Triangle” model. At the time of the publication of the forecast, the price of Silver is 21.99. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines up, 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 21.85. 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 23.35.
XAG/USD Forecast Silver and Analysis May 27, 2022
An additional signal in favor of the rise in 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 boundary of the bullish channel, as well as from the lower boundary of the “Triangle” pattern. Cancellation of the option of rising prices for Silver on May 27, 2022 will be a fall and a breakdown of 21.45. This will indicate a breakdown of the support area and a continuation of the fall to the area below the level of 20.05. 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 22.55, which will indicate a breakdown of the upper border of the “Triangle” model and the beginning of this pattern with targets at the top.
XAG/USD Forecast Silver and Analysis May 27, 2022 suggests an attempt to test the support area near the level of 21.85. Further, the continuation of the growth of quotations with the target above the level of 23.35. Cancellation of the option of rising prices for Silver will be a fall and a breakdown of the level of 21.45. 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 a target at the level of 20.05.
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