Quotes of Silver XAG/USD are ending the trading week near the 32.89 area. Quotes continue to move within the framework of growth development and the formation of the “Head and Shoulders” reversal pattern. Moving averages indicate the presence of an upward trend for the asset. Prices have broken 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 growth in the asset value and a test of the resistance level near the 33.75 area. Further, the continuation of the fall in the price of Silver with a potential target below the level of 27.85.
Silver Weekly Forecast February 24 — 28, 2025
A rebound from the resistance line on the relative strength indicator will act in favor of a decrease in quotes and prices for Silver in the current trading week of February 24 — 28, 2025. The second signal will be a rebound from the upper border of the “Head and Shoulders” reversal pattern. The cancellation of the option of falling XAG/USD quotes will be a strong growth and a breakout of the 35.65 area. This will indicate a breakout of the resistance area and continued growth in Silver prices with a target above 38.65. Confirmation of the development of the fall will be a breakout of the support level and closing of prices below 28.05, which will indicate a breakout of the lower border of the reversal pattern “Head and Shoulders” and the beginning of the implementation of the pattern with targets below.
Silver Weekly Forecast February 24 — 28, 2025 suggests an attempt to test the resistance level near the 33.75 area. Then, a continuation of the fall in Silver prices with a target above 27.85. A test of the trend line on the relative strength indicator will be in favor of the fall. Cancellation of the XAG/USD decline option 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 38.65.
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