FX.co ★ XAG/USD, SILVER

Analysis and forecast for the trading instrument SILVER based on technical analysis The trading instrument Silver moved within a descending trend this week and even managed to update lows for the past two months on Friday. Therefore, it is quite logical to expect the price to continue its decline next week. However, precious metals have a certain psychological threshold below which they cannot fall, so I believe that further decline will be quite limited. Also, considering that the price closed on Friday at its lows, there are no selling entry points for us anyway, so in the first half of the week, we will have to expect a correction. The nearest resistance level is not that close either, at around the minimum of the previous trading week at 71.500. Although if the trading instrument SILVER manages to pull back so deeply, then we can consider a trend reversal, although long positions should only be considered above 71.500. Otherwise, we can think about further decline towards 60.