Silver Weekly Forecast and Analysis July 13 — 17, 2020



Silver complete the trading week near the area of ​​18.68. Quotes continue to move as part of the growth. Moving averages indicate a bullish trend for the pair. Prices pushed from the area between the signal lines, indicating pressure from metal buyers and the potential continuation of growth from current levels. At the moment, we should expect an attempt to raise the value of the asset and test the resistance level near the area of ​​19.55. Further, the beginning of the fall in the price of Silver with a potential target below the level of 16.35.

Silver Weekly Forecast and Analysis July 13 — 17, 2020

In favor of reducing quotes and prices for Silver in the current trading week July 13 — 17, 2020, the formation of the «Head and Shoulders» reversal pattern on the relative strength index (RSI) will come out. The second signal will be a rebound from the resistance level. Cancellation of the option of falling XAG/USD quotes will be a strong growth and a breakdown of the area of ​​21.05. This will indicate a breakdown of the resistance area and a continued rise in Silver prices with a target above the level of 23.55. A confirmation of the development of the fall will be a breakdown of the support level and closing prices below the level of 17.75. This will indicate an acceleration in the fall of the price of Silver.

Silver Weekly Forecast and Analysis July 13 — 17, 2020

Silver Weekly Forecast and Analysis July 13 — 17, 2020 implies an attempt to test the resistance level near the area of ​​19.55. Then, the continuation of the fall in Silver prices with a target below the level of 16.35. A test of the trend line on the relative strength index (RSI) will be in favor of the decline. Cancellation of the fall option XAG/USD will be a strong growth and the breakdown level of 21.05. This will indicate a continued rise in quotations to the area above the level of 23.55.


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