Silver complete the trading week near the area of 17.98. Quotes continue to move as part of the correction and the formation of a reversal pattern of the inverted «Head and Shoulders». 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 reduce the value of the asset and a test of the support level near the 16.45 area. Further, the beginning of the rise in the price of Silver with a potential target above the level of 20.95.
Silver Weekly Forecast and Analysis July 6 — 10, 2020
In favor of the rise in quotations and prices for Silver in the current trading week July 6 — 10, 2020 a test of the trend line on the relative strength index (RSI) will come out. The second signal will be the completion of the formation of the «Head and Shoulders» reversal pattern. Cancellation of the growth option for XAG/USD quotes will be a fall and a breakdown of the area of 14.05. This will indicate a breakdown of the support area and a continued fall in Silver prices with a target below the level of 13.05. The development of the upward trend will be confirmed by the breakdown of the upper boundary of the downward channel and closing above the level of 19.25. This will indicate an acceleration of the rise in the price of Silver.
Silver Weekly Forecast and Analysis July 6 — 10, 2020 implies an attempt to test the support level near the 16.45 area. Then continue the rise in Silver prices with a target above the level of 20.95. A test of the trend line on the relative strength index (RSI) will be in favor of the rise. Cancellation of the growth option XAG/USD will be a fall and a breakdown level of 14.05. This will indicate a continued fall in quotations to the area below the level of 13.05.
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