Silver continue to move as part of the correction and the formation of the bullish ”Wolfe Wave” pattern. At the time of the publication of the forecast, Silver prices are at $24.89. Moving averages indicate a bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the fall in value from the current levels. At the moment, we should expect an attempt to develop a bearish correction in the value of the metal and a test of the support level near the 23.35 area. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 27.45.
XAG/USD Forecast Silver and Analysis April 7, 2021
An additional signal in favor of the growth of quotes and prices for XAG/USD Silver will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of the rise will be a rebound from the lower boundary of the ”Wolfe Wave” model. Cancellation of the option of rising prices for Silver on April 7, 2021 will be a fall and a breakdown of 21.85. This will indicate a breakdown of the support area and a continued fall to the area below the level of 20.25. Expect an acceleration of the rise in XAG/USD quotes with the breakdown of the resistance area and closing of the price above the level of 25.55, which will indicate a breakdown of the upper boundary of the ”Wolfe Wave” model.
XAG/USD Forecast Silver and Analysis April 7, 2021 suggests an attempt to test the support area near the 23.35 level. Further, the continuation of the rise in quotations with a target above the level of 27.45. Cancellation of the growth option for Silver prices will be a fall and a breakdown of the level of 21.85. This will indicate a breakout of the support level. In this case, we should expect the price to continue falling below the level of 20.25.
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