Silver continue to move in the framework of a fall and a descending channel. At the time of publication of the forecast, silver prices are 22.55. Sliding average indicate the presence of a bear’s trend. Prices broke the area between the signal lines down, which indicates the pressure from the sellers of the asset and the potential continuation of the incidence of value from current levels. At the moment, it is worth expecting an attempt to develop the increase in the cost of metal and a test level of resistance near the area 23.65. Where it is worth expecting a rebound down and continuing the fall in the price of silver with a goal below the level of 20.55.
XAG/USD Forecast Silver and Analysis May 4, 2022
An additional signal in favor of falling quotes and prices for silver XAG/USD will be the test of the resistance line on the relative force (RSI) indicator. The second signal in favor of the fall will be the rebound from the upper boundary of the bear canal. The cancellation of the option of reducing prices for silver on May 4, 2022 will be a strong growth and breakdown 24.95. This will indicate the breakdown of the resistance area and the continuation of growth in the area above level 26.85. Expecting the acceleration of the fall/USD quotes falling with a breakdown of the support area and closing the price under a level of 21.65.
XAG/USD Forecast Silver and Analysis May 4, 2022 involves an attempt to test the resistance area near the level of 23.65. Further, the continuation of the fall in the quotes with a goal below the level of 20.55. The cancellation of the option of falling silver prices will be a strong growth and a breakdown of 24.95. This will indicate a breakdown of the resistance level. In this case, it is worthwhile to wait for the continuation of the rise in silver price with a goal at 26.85.
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