Silver ends the trading week near the 19.35 area. Quotes continue to move within the framework of 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 raise the value of the asset and test the resistance level near the 19.85 area. Further, the beginning of the fall in the price of Silver with a potential target below the level of 13.75.
Silver Weekly Forecast and Analysis July 20 — 24, 2020
In favor of reducing quotes and prices for Silver in the current trading week July 20 — 24, 2020 a rebound from the resistance line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the option to drop XAG/USD quotes will be made by a strong growth and a breakdown of the 21.35 area. This will indicate a breakdown of the resistance area and a continued rise in Silver prices with a target above the level of 23.65. Confirmation of the development of the fall will be a breakdown of the support level and closing prices below 16.55. This will indicate an accelerating fall in the price of Silver.
Silver Weekly Forecast and Analysis July 20 — 24, 2020 implies an attempt to test the resistance level near the 19.85 area. Then, the continuation of the fall in Silver prices with a target below the level of 13.75. A test of the trend line on the relative strength index (RSI) will be in favor of the decline. Cancellation of the XAG/USD fall option will be a strong growth and a breakdown of the level of 21.35. This will indicate a continued rise in quotations to the area above the level of 23.65.
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