Silver ends the trading week near the 23.95 area. Quotes continue to move within the framework of strong growth. Moving averages indicate a bullish trend for the pair. Prices bounced off 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 correct the asset value and test the support level near the 20.60 area. Further, the continued growth in the price of Silver with a potential target above the level of 27.75.
Silver Weekly Forecast and Analysis August 3 — 7, 2020
In favor of the growth of quotes and prices for Silver in the current trading week August 3 — 7, 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 18.55 area. This will indicate a breakdown of the support area and a continued fall in Silver prices with a target below the level of 16.55. Confirmation of the development of growth will be a breakdown of the resistance level and closing prices above the level of 27.15. This will indicate the acceleration of the rise in the price of Silver due to the breakdown of the upper border of the ascending channel.
Silver Weekly Forecast and Analysis August 3 — 7, 2020 suggests an attempt to test the support level near the 20.60 area. Then, Silver prices will continue to rise with a target above the level of 27.75. 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 18.55. This will indicate a continued decline in quotations to the area below the level of 16.55.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link