Silver ends the trading week near the 25.07 area. Quotes continue to move within the correction and the ascending channel. A large “Triangle” model is also formed here. Moving averages indicate a bullish trend for the pair. Prices are again testing the area between the signal lines, which indicates pressure from metal buyers and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a slight correction in the value of the asset and a test of the support level near the area of 24.75. Further, the continued growth in the price of Silver with a potential target above the level of 35.25.
Silver Forecast and XAG/USD Analysis April 12 — 16, 2021
In favor of the growth of quotes and prices for Silver in the current trading week April 12 — 16, 2021 a rebound from the support line on the relative strength index (RSI) will come out. 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 20.55 area. This will indicate a breakdown of the support area and a continued fall in Silver prices with a target below 15.95. Confirmation of the development of growth will be a breakdown of the resistance level and closing prices above the level of 29.65, which will indicate a breakdown of the upper border of the “Triangle” model.
Silver Forecast and XAG/USD Analysis April 12 — 16, 2021 suggests an attempt to test the support level near the 24.75 area. Then, the continued growth in Silver prices with a target above the level of 35.25. 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 20.55. This will indicate a continued decline in quotations to the area below the level of 15.95.
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