Silver ends the trading week near the 23.34 area. Quotes continue to move within the fall and have left the “Triangle” model. Moving averages indicate a bullish trend for the pair. However, prices broke through the area between the signal lines downward, which indicates pressure from sellers of the metal and a potential continuation of the decline from the current levels. At the moment, we should expect an attempt to develop a slight bullish correction in the value of the asset and a test of the resistance level near the 25.05 area. Further, the continuation of the fall in the price of Silver with a potential target below the level of 16.45.
Silver Forecast and XAG/USD Analysis August 9 — 13, 2021
A rebound from the resistance line on the relative strength index (RSI) will be in favor of reducing the quotes and prices for Silver in the current trading week August 9 — 13, 2021. The second signal will be a rebound from the lower border of the “Triangle” pattern, which was broken down by sellers. Cancellation of the option to reduce XAG/USD quotes will be made by a strong growth and a breakdown of the 28.55 area. This will indicate a breakdown of the resistance area and a continued rise in Silver prices with a target above the level of 32.65. Confirmation of the development of the fall will be a breakdown of the support level and closing prices below the level of 22.45.
Silver Forecast and XAG/USD Analysis August 9 — 13, 2021 suggests an attempt to test the resistance level near the 25.05 area. Then, the continuation of the fall in Silver prices with a target below the level of 16.45. A test of the trend line on the relative strength index (RSI) will be in favor of the decline. Cancellation of the XAG/USD fall option will be a strong growth and a breakdown of the level of 28.55. This will indicate a continued rise in quotations to the area above the level of 32.65.
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