XAG/USD quotes continue to move within the framework of the development of a bullish correction and a descending channel. At the time of publication of the forecast, the Silver price is 32.33. Moving averages indicate a downward trend. Prices are testing the area between the signal lines again, indicating pressure from sellers and a potential continuation of the price decline from the current levels. At the moment, we should expect an attempt to develop a bullish correction in the metal price and a test of the resistance level near the 32.65 area. From where we should expect a price rebound downwards and a continuation of the fall in the price of Silver with a target below the level of 31.05.
Silver Forecast XAGUSD for May 6, 2025
An additional signal in favor of a decrease in quotes and prices for Silver XAG/USD will be a test of the resistance line on the relative strength indicator (RSI). The second signal in favor of a fall will be a rebound from the upper border of the “Triangle” pattern. The cancellation of the option of a fall in Silver prices on May 6, 2025 will be a strong growth and a breakout of 32.75. This will indicate a breakout of the resistance area and continued growth to the area above the level of 34.95. Expect the acceleration of the fall of XAG/USD quotes with a breakout of the support area below the level of 31.55, which will indicate a breakout of the lower border of the “Triangle” pattern and the beginning of the implementation of the pattern with targets below.
Silver Forecast XAGUSD for May 6, 2025 suggests an attempt to test the resistance area near the level of 32.65. Further, the continuation of the fall in quotes with a target below the level of 31.05. The cancellation of the option of falling prices for Silver will be a strong growth and a breakout of the level of 32.75. This will indicate a breakout of the resistance area. In this case, we should expect the continuation of the growth of the Silver price with a target at the level of 34.95.
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