Silver ends the trading week near the 23.59 area. Quotes continue to move within the correction and the upward channel. Moving averages indicate a bullish trend for the pair. Prices continue to test 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 a correction in the value of an asset and a test of the support level near the 22.25 area. Further, the continued growth in the price of Silver with a potential target above the level of 27.65.
Silver Forecast and XAG/USD Analysis November 2 — 6, 2020
In favor of the growth of quotes and prices for Silver in the current trading week November 2 — 6, 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 19.55 area. This will indicate a breakdown of the support area and a continued fall in Silver prices with a target below 16.55. Confirmation of the development of growth will be a breakdown of the resistance level and closing prices above the level of 26.05.
Silver Forecast and XAG/USD Analysis November 2 — 6, 2020 suggests an attempt to test the support level near the 22.25 area. Then, the continued growth in Silver prices with a target above the level of 27.65. 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 19.55. This will indicate a continued decline in quotations to the area below the level of 16.55.
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