Silver is completing the trading week near the 23.84 area. Quotes continue to move within the fall and ascending channel. Moving averages indicate a bullish trend for the pair. Test prices are testing the area between the signal lines, which indicates pressure from metal buyers and a potential continuation of growth from current levels. At the moment, we should expect an attempt to develop an asset price correction and a test of the support level near the 19.75 area. Further, the continued growth in the price of Silver with a potential target above the level of 29.65.
Silver Forecast and Analysis October 5 — 9, 2020
In favor of the growth of quotations and prices for Silver in the current trading week October 5 — 9, 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 ascending channel. Cancellation of the option to raise XAG/USD quotes will be a fall and a breakdown of the 16.75 area. This will indicate a breakdown of the support area and a continued fall in Silver prices with a target below 14.65. Confirmation of the development of growth will be a breakdown of the resistance level and closing prices above the level of 25.75.
Silver Forecast and Analysis October 5 — 9, 2020 implies an attempt to test the support level near the 19.75 area. Then, Silver prices will continue to rise with a target above the level of 29.65. 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 16.75. This will indicate a continued decline in quotations to the area below the level of 14.65.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
