Silver continue to move as part of the correction and the downward channel. At the time of the publication of the forecast, the price of Silver is $ 14.78. Moving averages indicate a bearish trend. Prices are testing the area between the signal lines, which indicates pressure from asset sellers and a potential drop already from current levels. At the moment, we should expect an attempt to develop a decrease in the cost of metal and a test of the support level near the area of 13.95. Where can we expect a rebound and continued growth in Silver prices with a target above the level of 17.25.
XAG/USD Forecast Silver and Analysis April 7, 2020
An additional signal in favor of the growth of quotations 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 upper boundary of the downward channel. Cancellation of the option of raising prices for Silver on April 7, 2020 will be a fall and a breakdown of 12.95. This will indicate a breakdown of the support area and a continued decline to the area below 12.25. Expect to accelerate the growth of XAG/USD quotes with the breakdown of the upper border of the downward channel and closing above 15.30.
XAG/USD Forecast Silver and Analysis April 7, 2020 suggests an attempt to test the support area near the level of 13.95. Further, the continued growth of quotations with the target above the level of 17.25. Cancellation of the option of raising prices for Silver will be a fall and a breakdown of the level of 12.95. This will indicate a breakdown of the support level. In this case, we should expect continued decline in prices below 12.25.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
