XAG/USD Forecast Silver and Analysis August 11, 2021


Silver continue to move within the fall and the downtrend channel. At the time of the forecast release, Silver prices are at 23.38. Moving averages indicate a bearish trend. Prices went down from 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 decrease in the value of the metal and a test of the support level near the 22.35 area. Where can we expect a rebound and a continued rise in the price of Silver with a target above the level of 24.65.

XAG/USD Forecast Silver and Analysis August 11, 2021

An additional signal in favor of the growth of quotes and prices for XAG/USD Silver will be a test of the trend line on the relative strength index (RSI). The second signal in favor of a rise will be a rebound from the lower border of the downtrend channel. Cancellation of the option of rising prices for Silver on August 11, 2021 will be a fall and a breakdown at 21.45. This will indicate a breakdown of the support area and a continued fall to the area below the level of 20.05. Expect an acceleration in the rise of XAG/USD quotes with the breakdown of the resistance area and closing the price above the level of 24.35.

XAG/USD Forecast Silver and Analysis August 11, 2021

XAG/USD Forecast Silver and Analysis August 11, 2021 suggests an attempt to test the support area near the 22.35 level. Further, the continuation of the rise in quotations with a target above the level of 24.65. Cancellation of the option to raise Silver prices will be a fall and a breakdown of the level of 21.45. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 20.05.


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