Silver continue to move within the correction and left the descending channel. Here, an inverted “Head and Shoulders” reversal pattern is formed, which, if the formation is completed, can send the price of the metal above the level of 28.00. At the time of the forecast release, Silver prices are at 23.92. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the rise in value 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 area of 22.95. Where can we expect a rebound and the continuation of the rise in the price of Silver with a target above the level of 26.35.
XAG/USD Forecast Silver and Analysis November 3, 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 upper border of the bearish channel. Cancellation of the option to raise Silver prices on November 3, 2021 will be a fall and a breakdown of 21.65. This will indicate a breakdown of the support area and a continued fall to the area below the level of 17.55. Expect an acceleration of the rise in the XAG/USD quotes with the breakdown of the resistance area and closing of the price above the level of 25.25, which will indicate the completion of the formation of the “Head and Shoulders” reversal pattern.
XAG/USD Forecast Silver and Analysis November 3, 2021 suggests an attempt to test the support area near the 22.95 level. Further, the continuation of the rise in quotations with a target above the level of 26.35. Cancellation of the growth option for Silver prices will be a fall and a breakdown of the level of 21.65. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 17.55.
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