Silver continue to move as part of the fall and the formation of an inverted ”Head and Shoulders reversal pattern. At the time of the publication of the forecast, Silver prices are at $ 25.94. Moving averages indicate a bullish trend. Prices went up from the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of growth in value already from current levels. At the moment, we should expect an attempt to develop a fall in the value of the metal and a test of the support level near the area of 24.55. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 29.15.
XAG/USD Forecast Silver and Analysis April 29, 2021
An additional signal in favor of raising quotes and prices for XAG/USD Silver will be a test of the support line on the relative strength index (RSI). The second signal in favor of growth will be a rebound from the lower border of the “Head and Shoulders” reversal pattern. Cancellation of the option to raise Silver prices on April 29, 2021 will be a fall and a breakdown of 23.55. This will indicate a breakdown of the support area and a continued fall to the area below the level of 21.45. Expect an acceleration in the rise of XAG/USD quotes with the breakdown of the resistance area and closing of the price above the level of 27.35, which will indicate a breakdown of the “Neck” line of the inverted “Head and Shoulders” reversal pattern.
XAG/USD Forecast Silver and Analysis April 29, 2021 suggests an attempt to test the support area near the 24.55 level. Further, the continued growth of quotations with a target above the level of 29.15. Cancellation of the growth option for Silver prices will be a fall and a breakdown of the level of 23.55. This will indicate a breakout of the support level. In this case, we should expect the price to continue falling below the level of 21.45.
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