Quotes of Silver XAG/USD are ending the trading week near the 31.46 area. Quotes continue to move within the framework of the development of the fall and the bullish channel. Moving averages indicate the presence of a bullish trend for the asset. Prices broke through the area between the signal lines upwards, 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 bullish correction in the asset value and a test of the resistance level near the 32.85 area. Further, the continuation of the fall in the price of Silver with a potential target below the 24.55 level.
Silver Forecast and Analysis November 11 — 15, 2024
A rebound from the resistance line on the relative strength indicator will act in favor of a fall in quotes and prices for Silver in the current trading week of November 11 — 15, 2024. The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the XAG/USD quotes fall scenario will be a strong growth and a breakout of the 35.65 area. This will indicate a breakout of the resistance area and a continuation of the rise in Silver prices with a target above 37.85. The development of the fall will be confirmed by a breakout of the support level and closing of prices below 29.35, which will indicate a breakout of the lower border of the bullish channel.
Silver Forecast and Analysis November 11 — 15, 2024 suggests an attempt to test the resistance level near the 32.85 area. Then, a continuation of the fall in Silver prices with a target below 24.55. A test of the trend line on the relative strength indicator will be in favor of the decline. The cancellation of the XAG/USD fall scenario will be a strong growth and a breakout of the 35.65 level. This will indicate a continuation of the rise in quotes to the area above 37.85.
