Silver ends the trading week near the 24.16 area. Quotes continue to move within the correction and the upward channel. 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 correction in the value of the asset and a test of the support level near the 22.05 area. Further, the continued growth in the price of Silver with a potential target above the level of 30.65.
Silver Forecast and XAG/USD Analysis November 23 — 27, 2020
In favor of the growth of quotations and prices for Silver in the current trading week of November 23 — 27, 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 17.45 area. This will indicate a breakdown of the support area and a continued fall in Silver prices with a target below the level of 14.25. Confirmation of the development of growth will be the breakdown of the resistance level and the closing of prices above the level of 27.05, which will indicate a breakdown of the upper border of the descending channel.
Silver Forecast and XAG/USD Analysis November 23 — 27, 2020 implies an attempt to test the support level near the 22.05 area. Then, the continued growth in Silver prices with a target above the level of 30.65. 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 17.45. This will indicate a continued decline in quotations to the area below the level of 14.25.
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