Quotes of Silver XAG/USD end the trading week near the 30.59 area. Quotes continue to move within the development of the correction and the bullish channel. Moving averages indicate the presence of an upward trend for the asset. Prices are testing the area between the signal lines, which indicates pressure from metal buyers and potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a bearish correction in the asset value and a test of the support level near the 28.85 area. Next, the continuation of the growth of the Silver price with a potential target above the level of 38.05.
Silver Forecast and Analysis December 2 — 6, 2024
A rebound from the support line on the relative strength indicator will act in favor of the growth of quotes and prices for Silver in the current trading week of December 2 — 6, 2024. The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the option of increasing XAG/USD quotes will be a fall and a breakout of the 26.85 area. This will indicate a breakout of the support area and a continuation of the fall in Silver prices with a target below the level of 24.35. The development of growth will be confirmed by a breakout of the resistance level and closing of prices above the level of 32.65, which will indicate a breakout of the upper boundary of the downward correction channel.
Silver Forecast and Analysis December 2 — 6, 2024 suggests an attempt to test the support level near the 28.85 area. Then, the continuation of the growth of Silver prices with a target above the level of 38.05. A test of the trend line on the relative strength indicator will be in favor of the rise. The cancellation of the XAG/USD growth option will be a fall and a breakout of the level of 26.85. This will indicate a continuation of the decline in quotes to the area below the level of 24.35.
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