Silver continue to move as part of the development of strong growth and the beginning of the development of the “Triangle” model. At the time of the publication of the forecast, the price of Silver is 20.43. 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 area of 19.75. 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 23.05.
XAG/USD Forecast Silver and Analysis October 7, 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 border of the “Triangle” pattern. Cancellation of the option of rising prices for Silver on October 6, 2022 will be a fall and a breakdown of 18.05. This will indicate a breakdown of the support area and a continuation of the fall to the area below the level of 16.75. It is worth expecting an acceleration in the growth of XAG/USD quotes with a breakdown of the resistance area and closing the price above the level of 21.55.
XAG/USD Forecast Silver and Analysis October 7, 2022 suggests an attempt to test the support area near the level of 19.75. Further, the continuation of the growth of quotations with the target above the level of 23.05. Cancellation of the option of raising prices for Silver will be a fall and a breakdown of the level of 18.05. 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 16.75.
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