Silver complete the trading week near the area of 14.83. Quotes continue to move within the bullish correction and the downward channel. At the moment, we should expect an attempt to continue the growth of the asset value and a test of the resistance level near the area of 16.15. Further, the beginning of the fall in the price of Silver with a potential target below 11.45.
Silver Weekly Forecast and Analysis May 4 — 8, 2020
In favor of the fall in quotations and prices for Silver in the current trading week, May 4 — 8, 2020, a test of the resistance line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option to reduce XAG/USD quotes will be a strong growth and a breakdown of the area of 17.05. This will indicate a breakdown of the upper border of the downward channel and continued growth in Silver prices with a target above the level of 17.75. The development of the downward trend will be confirmed by the breakdown of the support area and closing below 13.85. This will indicate an acceleration in the fall of the price of Silver.
Silver Weekly Forecast and Analysis May 4 — 8, 2020 suggests an attempt to test the resistance level near the area of 16.15. Then, the continuation of the fall in Silver prices with a target below the level of 11.45. 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 17.05. This will indicate continued growth in quotations to the area above the level of 17.75.
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