Silver continue to move as part of the development of the correction and the bullish channel. At the time of the publication of the forecast, the price of Silver is 19.28. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines up, which indicates pressure from buyers 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 18.90 area. Where should we expect a rebound down and the continuation of the fall in the price of Silver with a target below the level of 20.95.
XAG/USD Forecast Silver and Analysis October 4, 2022
An additional signal in favor of the growth of 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 the rise will be a rebound from the upper boundary of the descending channel, which was broken by buyers at the top. Cancellation of the option of rising prices for Silver on October 4, 2022 will be a fall and a breakdown of 18.30. This will indicate a breakdown of the support area and a continuation of the fall to the area below the level of 17.05. Expect an acceleration in the growth of XAG/USD quotes with a breakdown of the resistance area and closing of the price above the level of 20.55, which will indicate a breakdown of the upper limit of the bullish channel, and this is a signal to increase the width of the channel.
XAG/USD Forecast Silver and Analysis October 4, 2022 suggests an attempt to test the support area near the level of 18.90. Further, the continuation of the growth of quotations with the target above the level of 20.95. Cancellation of the option of raising prices for Silver will be a fall and a breakdown of the level of 18.30. This will indicate a breakdown of the lower boundary of the bullish channel. In this case, we should expect the continuation of the fall in the price of Silver with the target at the level of 17.05.
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