The XAG/USD quotes continue to move within the framework of a sideways correction and descending channel. At the time of publishing the forecast, the Silver price is 31.77. Moving averages indicate an upward trend. Prices have broken through the area between the signal lines upwards, suggesting pressure from buyers and the potential for continued price growth from the current levels. At this point, we should expect an attempt to develop a bullish correction in the metal’s price and a test of the resistance level near 32.25, from where a price rebound downward is expected, followed by a continuation of the price decline to below the 30.15 level.
Silver Forecast XAGUSD for February 28, 2025
An additional signal in favor of a price decline for XAG/USD will be a test of the resistance line on the Relative Strength Index (RSI) indicator. The second signal for a decline will be a rebound from the upper boundary of the descending channel. A strong rise and break of the 33.05 level on February 28, 2025, would cancel the price decline scenario and indicate a breakout of the resistance area, leading to continued growth to levels above 34.65. Acceleration of the XAG/USD decline should be expected with a break of the support area below the 31.05 level.
Silver Forecast XAGUSD for February 28, 2025 suggests an attempt to test the resistance area near the 32.25 level, followed by a continuation of the price decline with a target below 30.15. The price decline scenario would be canceled by a strong rise and break of the 33.05 level, indicating a breakout of the resistance area. In this case, a further price rise for Silver should be expected with a target at the 34.65 level.
