Silver ends the trading week near the 26.70 area. Quotes continue to move as part of the correction and the formation of the “Triangle” model. As you can see, the current levels are a serious resistance on the way of buyers. Moving averages indicate a bullish trend for the pair. Prices bounced off 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 correct the asset value and test the support level near the 25.25 area. Further, the continued growth in the price of Silver with a potential target above the level of 33.75.
Silver Forecast and Analysis September 14 — 18, 2020
In favor of the growth of quotes and prices for Silver in the current trading week of September September 14 — 18, 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 23.45 area. This will indicate a breakdown of the support area and a continued fall in Silver prices with a target below 17.55. Confirmation of the development of growth will be a breakdown of the resistance level and closing prices above the level of 30.55, which will indicate a breakdown of the upper border of the “Triangle” model and the beginning of its development.
Silver Forecast and Analysis September 14 — 18, 2020 suggests an attempt to test the support level near the 25.25 area. Then, Silver prices will continue to rise with a target above the level of 33.75. 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 23.45. This will indicate a continued decline in quotations to the area below the level of 17.55.
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