Silver close the trading week near the 22.57 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 21.05 area. Further, the continued growth in the price of Silver with a potential target above the level of 26.05.
Silver Weekly Forecast and Analysis July 27 — 31, 2020
In favor of the growth of quotations and prices for Silver in the current trading week July 27 — 31, 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 upper border of the descending channel. Cancellation of the option to raise XAG/USD quotes will be a fall and a breakdown of the 16.05 area. This will indicate a breakdown of the support area and a continued fall in Silver prices with a target below 14.45. Confirmation of the development of growth will be a breakdown of the resistance level and closing prices above the level of 24.05. This will indicate an acceleration in the rise in the price of Silver.
Silver Weekly Forecast and Analysis July 27 — 31, 2020 implies an attempt to test the support level near the 21.05 area. Then, the continued growth in Silver prices with a target above the level of 26.05. 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 16.05. This will indicate a continued decline in quotations to the area below the level of 14.45.
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