Silver ends the trading week near the 27.23 area. Quotes continue to move within the growth and the ascending channel. A large “Triangle” pattern is also formed here, the price came close to the upper border of this pattern. Moving averages indicate a bullish trend for the pair. Prices went up from 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 develop a minor correction in the value of the asset and a test of the support level near the 25.05 area. Further, the continued growth in the price of Silver with a potential target above the level of 35.45.
Silver Forecast and XAG/USD Analysis May 17 — 21, 2021
In favor of the growth of quotations and prices for Silver in the current trading week May 17 — 21, 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 21.95 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 29.95, which will indicate a breakdown of the upper border of the ”Triangle” model.
Silver Forecast and XAG/USD Analysis May 17 — 21, 2021 implies an attempt to test the support level near the 25.05 area. Then, the continued growth in Silver prices with a target above the level of 35.45. 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 21.95. This will indicate a continued decline in quotations to the area below the level of 15.95.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link