Silver continue to move as part of the rise and completion of the inverted “Head and Shoulders” reversal pattern, prices are already testing the ”Neckline” of this pattern. At the time of publication of the forecast, Silver prices are at 24.85. Moving averages indicate a bullish trend. Prices broke through the area between the signal lines upward, which indicates pressure from the buyers of the asset and a potential continuation of the rise in value already from the current levels. At the moment, we should expect an attempt to develop a decrease in the value of the metal and a test of the support level near the 23.95 area. Where can we expect a rebound and the continuation of the rise in the price of Silver with a target above the level of 27.15.
XAG/USD Forecast Silver and Analysis November 12, 2021
An additional signal in favor of raising quotes and prices for XAG/USD Silver will be a test of the trend 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 to raise Silver prices on November 12, 2021 will be a fall and a breakdown of 22.75. This will indicate a breakdown of the support area and a continued fall to the area below the level of 19.45. Expect an acceleration in the rise of XAG/USD quotes with the breakdown of the resistance area and closing of the price above the level of 25.35, which will indicate the completion of the formation of the “Head and Shoulders” reversal pattern.
XAG/USD Forecast Silver and Analysis November 12, 2021 suggests an attempt to test the support area near the 23.95 level. Further, the continuation of the rise in quotations with a target above the level of 27.15. Cancellation of the growth option for Silver prices will be a fall and a breakdown of the level of 22.75. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 19.45.
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