Silver ends the trading week near the 27.46 area. Quotes continue to move as part of the correction and the formation of the “Triangle” model. Moving averages indicate a bullish trend for the pair. Prices bounced off the area between the signal lines, which indicates pressure from buyers of the metal and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to correct the value of the asset and test the support level near the 25.45 area. Further, the continued growth in the price of Silver with a potential target above the level of 34.95.
Silver Forecast and Analysis August 31 — September 4, 2020
In favor of the growth of quotes and prices for Silver in the current trading week August 31 — September 4, 2020 there will be a rebound from the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the “Triangle” pattern. Cancellation of the option to raise XAG/USD quotes will be a fall and a breakdown of the 22.05 area. This will indicate a breakdown of the support area and a continued fall in Silver prices with a target below 15.15. Confirmation of the development of growth will be a breakdown of the resistance level and closing prices above the level of 30.75.
Silver Forecast and Analysis August 31 — September 4, 2020 implies an attempt to test the support level near the 25.45 area. Then, the continued growth in Silver prices with a target above the level of 34.95. A test of the trend line on the relative strength index (RSI) will be in favor of the rise. Cancellation of the XAG/USD growth option will be a fall and a breakdown of the level of 22.05. This will indicate a continued decline in quotations to the area below the level of 15.15.
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